Practice Management

Automated transcription startup lands $31M investment; CEO calls it ‘an important milestone’

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Verbit, an artificial intelligence-powered transcription platform with customers in the legal industry, announced Wednesday that it had closed a $31 million Series B funding round.

According to a press release, the company plans to use the new funding to improve its accuracy, add new languages and offer new products or services. The Israeli-based startup also intends to triple the head count in 2020 in its New York office, which became Verbit’s first U.S. location.

Verbit’s Series B funding round follows a $23 million Series A round in 2019 and brings the company’s total investments since it launched to $65 million. According to the company, Verbit has more than 150 customers in the legal and higher-education industries, including court reporting services.

“When I established Verbit three years ago, I didn’t anticipate we would become one of the market-leading companies in our industry so quickly,” said Verbit CEO and co-founder Tom Livne in a statement. “This latest financing round is an important milestone in Verbit’s journey and strengthens the incredible momentum we had in 2019.”

Verbit’s Series B funding round was led by Stripes, a New York-based growth equity firm.

Existing investors Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech also participated in the latest round.

“We are big believers in the power of AI to fundamentally change business models and provide critical services better, faster, and more affordably,” said Saagar Kulkarni, a Stripes partner who will join Verbit’s board of directors, in a statement. “Verbit has already demonstrated incredible value to its customers across many verticals, and we believe they are just getting started in transforming this $30 billion market.”

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