We will continue to invest in our platform, top talent, and domain expertise to evolve and develop our solutions to meet our customers’ dynamic needs. “The combined company will harness decades of transcription and captioning expertise to offer customers a best-in-class solution based on our proven technology. This opportunity allows us to expand our offerings for the media vertical and provide advanced transcription capabilities to our current education, legal, and corporate customers,” Livne said in a press release. “We are thrilled to further strengthen our position as the market leader in the transcription and captioning industry, in partnership with VITAC. The Tel Aviv- and New York-based company’s total raised stands at over $100 million. Verbit recently closed a $60 million funding round led by Sapphire Ventures. Revenue is in the “millions,” and the company is cash flow positive, Verbit CEO Tom Livne told VentureBeat in a previous interview. A web frontend shows the progress of jobs and lets users edit and share files or define the access permissions for each, as well as adding inline comments, requesting reviews, or viewing usage reports.Īs of November 2020, Verbit had over 400 educational institutions and commercial clients, including Harvard, the NCAA, London Business School, Fashion Institute of Technology, Stanford, Coursera, and Udacity. Finished transcriptions from Verbit are available for export to services like Blackboard, Vimeo, YouTube, Canvas, and BrightCode. Then a team of over 33,000 human freelancers in over 120 countries edits and reviews the material, taking into account customer-supplied notes and guidelines. Once you get into the Verbit community, you won’t want to go anywhere else. It’s always growing and people have like-minded goals and great personalities. Verbit customers first upload audio or video files to a dashboard for AI-guided processing. Sales & Customer Success Transcribers Viktor Tunnikov Kyiv Full Stack Developer, I love the people at Verbit. But Verbit’s adaptive speech recognition tech can generate transcriptions it claims offer over 99.9% accuracy. Verbit’s voice transcription and captioning services aren’t novel - well-established players like Nuance, Cisco, Otter, Voicera, Microsoft, Amazon, and Google have offered rival products for years, including enterprise-focused platforms like Microsoft 365. “We’ve been incredibly impressed with Verbit’s rapid growth and technology advantages, and together we look forward to serving more of this dynamic industry with clients across all vertical segments.” Verbit’s growth “We’re delighted to join the Verbit family and bolster their leading position in the transcription industry globally,” VITAC CEO Chris Crowell said in a statement.
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