INSUBCONTINENT EXCLUSIVE:
Verbit, a Tel Aviv and New York-based startup that provides AI-assisted transcription and captioning services to professional users, today
announced that it has raised a $31 million Series B round led by growth equity firm Stripes
Existing investors Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech are also participating in the round; this brings
new funding to expand to new verticals and add new languages
Currently, its focus is on the media and legal industries, as well as educational institutions
In total, the company currently has more than 150 customers, including Harvard, Stanford and Coursera
human transcribers who make revisions as necessary in order to get to 99% accuracy
As with virtually all machine-learning systems, those changes then flow back into the system in order to improve its accuracy.Recently, the
