Verbit, an AI-powered voice and speech recognition platform, closed a $31 million Series B funding round led by Stripes, a New York-based growth equity firm.
Existing investors Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital, and ClalTech are also participating in the round, bringing the company’s total funding to $65 million, following a $23 million Series A round in January 2019.
Verbit plans to use the new funds to accelerate its rapid growth, including expanding to new industry verticals, adding coverage of new languages, and continually innovating its speech recognition technology.
According to the company, more than 150 customers in the legal and higher education industries, including Harvard, Stanford, and Coursera, utilize its in-house, AI-enabled speech recognition technology that generates the detailed speech-to-text files with over 99% accuracy.
“We are thrilled to partner with Tom Livne (CEO and co-founder of Verbit) and the rest of the Verbit team on their mission to build the leading AI-powered transcription and captioning platform,” said Saagar Kulkarni, Partner at Stripes.
“We are big believers in the power of AI to fundamentally change business models and provide critical services better, faster, and more affordably. 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.”
As part of the investment, Saagar Kulkarni will join Verbit’s board of directors.