Verbit News
26 articles
growth-positive
Verbit Launches Legal Visor, An AI-Powered Tool To Deliver Real-Time Deposition Insights
Verbit has launched Legal Visor, an AI-powered platform designed to provide real-time insights during legal proceedings. The platform uses Verbits Captivate technology to offer highly accurate real-time transcription and features such as inconsistency detection, intelligent search, and multi-language support. Developed in collaboration with law firms like Fisher Phillips and Smith, Gambrell & Russell, Legal Visor aims to enhance the legal workflow by providing actionable intelligence. Future developments include sentiment analysis and body language technology. The product is available through a subscription model and is being demonstrated at Legalweek and ABA Techshow.
Product StagePartners
Growth-Positive
Verbit appoints Yair Amsterdam as permanent CEO, focuses on AI and growth | CTech
Verbit, a transcription technology company, has appointed Yair Amsterdam as its permanent CEO. Amsterdam, who has been serving as Acting CEO since February, replaced Tom Livne, the companys founder and former CEO. The company has faced challenges including Livnes departure and a significant round of layoffs due to a decrease in revenues. However, Amsterdam stated that the company has growth plans and does not need to raise capital in the near future. Verbit has launched several technological innovations for its clients and has a strategic partnership with ENCO. The company has over 4,000 clients, including Fox, CNN, NBC, Harvard, Stanford, London Business School, Coursera, and Kaltura.
Management ChangesLayoffsExpand
growth-positive
Verbit Launches Revolutionary Real-Time Transcription Service for Legal Proceedings
Verbit, a provider of AI verbal intelligence, has introduced a live transcription service, Legal Real-Time, to its suite of legal-focused solutions. The service offers real-time transcription for legal proceedings, helping digital court reporters better meet their clients needs. The service is accessible via a secure, intuitive web-based platform designed specifically for the court reporting community. Verbits CEO, Yair Amsterdam, stated that the service is designed to support all court reporting agencies live transcription needs. The introduction of Legal Real-Time bolsters Verbits suite of solutions, tailor-made for the legal industry.
CustomersExpand
growth-negative
Verbit laying off dozens of employees
Verbit, an Israeli captioning and transcription solutions company, has begun laying off dozens of employees following the replacement of its CEO Tom Livne with Yair Amsterdam. The layoffs, which include 20 in Israel, are believed to be related to the companys human transcription activities. Verbit, which has 500 employees including 120 in Israel, provides transcription services based on special translation algorithms and an army of transcribers. The company has been challenged by AI technology, which has caused a significant disruption in the market. Verbit recently launched an AI-based transcription product for the legal world.
Management ChangesLayoffs
growth-negative
Verbit appoints Yair Amsterdam as Acting CEO in place of Tom Livne | CTech
Verbit, an AI-powered transcription and captioning platform, announced that its President Yair Amsterdam has been appointed as the Acting CEO, replacing Tom Livne who has stepped down to become Chairman Emeritus of the Board of Directors. This comes after the company faced a series of challenges, including layoffs. Despite raising $250 million in a Series E funding round in August 2021 at a $2 billion valuation, the company has struggled to maintain its growth trajectory. Verbit plans to enhance its products with Generative AI and maintain a strong balance sheet for continued investment and growth.
Management ChangesLayoffs
growth-positive
Verbit mulls merger with US co 3Play Media
Israeli transcription company Verbit is considering a merger with Boston-based transcription giant 3Play Media, with the collaboration of US investment bank Goldman Sachs. The merger would form a unified profitable company with an annual recurring revenue of $130 million. Both companies are privately-held and operate in a market that is rapidly transitioning from human transcription to AI-based transcription. Verbits CEO, Tom Livne, is expected to step down before the end of the first quarter and will become Verbits chairman. A new CEO will be hired, and the company is expected to streamline by the end of the year.
AcquisitionInvestmentManagement Changes
Growth-Negative
היוניקורן ורביט מחפש מנכ"ל חדש - במקום המייסד תום ליבנה | כלכליסט
Israeli unicorn Vorbit is seeking a new CEO to replace Tom Libna, one of the companys founders. This comes after the company raised $250 million at a valuation of $2 billion in August 2021. However, the companys revenue has not grown in the past year, standing at about $80 million, and growth beyond this does not seem to be on the horizon. The company still has about $100 million in its coffers, which allows it to focus well on its future. The company did not respond to a request for comment.
Management ChangesInvestment
growth-negative
Transcription unicorn Verbit searching for new CEO to replace Tom Livne | CTech
Verbit, an Israeli transcription company, is seeking a new CEO to replace co-founder Tom Livne. The companys revenues have stagnated at around $80 million over the past year, and it has faced challenges integrating companies it has acquired. Additionally, the rise of other artificial intelligence technologies has affected its revenue as clients have chosen cheaper alternatives. Despite these issues, Verbit has a healthy cash reserve of around $100 million. The company laid off 60 employees in July, and currently employs 1,048 people, double the number from a year ago due to the conversion of many transcribers from freelancers to employees.
Management ChangesLayoffs
growth-positive
Transcription Startup Unveils New Generative AI Tool For Higher Ed
Verbit, an Israeli startup, has launched Gen.V, a generative AI service that can analyze transcripts and provide automatic summaries and headline suggestions. The company is focusing on using generative AI to improve its product for users in higher education and plans to expand into other industries. Verbits services have already been used by over 3,000 businesses and institutions across various sectors.
CustomersExpand
Growth-Negative
Unicorn Verbit cutting 60 jobs in second round of layoffs | CTech
AI-powered transcription and captioning platform Verbit is laying off 60 employees, including 20 in Israel, as part of an organizational change. This comes after the company doubled its workforce to 1,048 people by turning many of its regular transcribers into employees. The company underwent a similar change last July, reducing its workforce by 10%. Verbit, which closed a $250 million Series E at a $2 billion valuation in November 2021, has acquired six companies in recent years, leading to duplication of roles. The layoffs are part of the companys streamlining process to achieve profitability.
LayoffsManagement Changes
growth-positive
Verbit Acquires Media Services Provider, Take 1
Verbit has announced its acquisition of Take 1, a leader in transcription, access, and localization services for the media and entertainment sector. This acquisition strengthens Verbits presence in Europe and enhances its performance and delivery of UK English language requests. Verbits current customers will benefit from Take 1s industry expertise in unscripted production workflows and compliance. The acquisition is part of Verbits strategy to meet the unique needs of its customers in various industries. Verbit plans to continue expanding through new acquisitions and strategic investments.
AcquisitionPartners
growth-negative
Verbit to layoff 10% of its workforce, eight months after $250 million funding round CTech
Verbit, an Israeli unicorn that developed an AI-powered real-time transcription and captioning platform, is undergoing an organizational change that includes reducing its workforce by 10% to accelerate its path to profitability. The company will lay off around 80 employees, primarily in the U.S., with 30 employees from Israel also leaving. Verbit recently closed a $250 million Series E funding round at a $2 billion valuation. The layoffs are part of a restructuring effort to create business divisions and eliminate redundant positions resulting from the companys acquisitions. Verbit aims to continue its growth through additional acquisitions. Alon Klomek, former Chief Business Officer at Cellebrite, has been brought in as a VP to assist with the organizational change. Verbit will employ a total of 520 employees after the cutback.
LayoffsExpand
growth-positive
Verbit Acquires U.S. Captioning Company, an Industry-Leading Closed Captioning Provider for National TV Networks
Verbit has announced its acquisition of U.S. Captioning, a renowned provider of closed captioning services for national TV stations, networks, producers, and programmers. This acquisition strengthens Verbits position as a global leader in AI-powered solutions for the media and entertainment sector. The addition of U.S. Captioning and its customers expands Verbits capabilities in captioning and transcription for the industry. Verbit has been actively acquiring companies to enhance its offerings across various verticals. The company has a valuation of $2 billion and aims to accelerate its growth by expanding into new verticals, geographies, and functionalities.
Acquisition
growth-positive
Verbit buys Automatic Sync Technologies
Verbit, an Israeli AI transcription and captioning company, has acquired US education and government transcription company Automatic Sync Technologies (AST) for an undisclosed amount, rumored to be in the tens of millions of dollars. Verbit aims to be the worlds leading player in the transcription market, which is estimated to be worth $30 billion. The acquisition of AST will help Verbit expand its customer base and enhance its technology and services. Verbit has recently raised $250 million at a company valuation of $2 billion and has been actively pursuing mergers and acquisitions to drive its growth. The company is creating job openings to support its aggressive growth and is looking for employees in various roles.
CustomersPartnersExpand
growth-positive
Verbit hits $2 billion valuation with $250 million Series E
Israeli startup Verbit has closed its Series E funding round at $250 million, doubling its valuation to $2 billion. The round was led by Third Point Ventures, with participation from existing investors. Verbit plans to use the funding to continue its vertical and geographical expansion and complete 25 mergers and acquisitions over the next three years. The company aims to become a public company traded on Nasdaq within the next 18 months. Verbits AI-powered transcription and captioning platform offers advanced technologies and integrations into video-focused platforms. It serves over 2,000 customers across various sectors and has seen a sixfold surge in revenue in 2021.
InvestmentExpand
growth-positive
שורה של מינויי בכירים ב-Verbit - וואלה! כסף
Verbit, a company developing an automated transcription platform, has appointed Rafi Margaliot, former senior vice president at Micro Focus (formerly HP) and CEO of the companys Israeli development center, as the companys Director of Product and Technology. Margaliot brings over two decades of experience in development and management roles in advanced technology companies. Verbit aims to define the product vision, M&A, and identify and develop partnerships for products and technologies under Margaliots leadership. The company emphasizes the preservation of its organizational culture and is excited about the addition of talented individuals to continue its growth.
Management Changes
Growth-Positive
AI-powered transcription startup Verbit raises $157M
Verbit, a New York-based startup specializing in voice transcription and captioning services, has announced the closing of a $157 million series D funding round. The funds will be used to support product R&D, hiring, and geographic expansion as the company prepares for an IPO. The companys post-money valuation now stands at over $1 billion. Verbits technology, which claims to deliver over 99.9% accuracy in transcriptions, has attracted a strong client base including over 400 educational institutions and commercial customers. The company recently acquired captioning provider VITAC and plans to add 200 new business and product roles.
InvestmentPublic TradingExpand
growth-positive
Verbit acquires US TV captioning co VITAC
Verbit, an Israeli AI-powered transcription platform, has acquired VITAC, the largest North American provider of TV captioning products. The acquisition positions Verbit as the leading player in the professional transcription and captioning market across various sectors. Verbit plans to expand its offerings for the media vertical and provide advanced transcription capabilities to its existing education, legal, and corporate customers. The acquisition amount is estimated to be in the tens of millions of dollars. Verbit was founded in 2017 and has raised $122 million in funding. VITAC, established 35 years ago, has a wide range of clients in the broadcast, corporate, educational, and government sectors. VITAC CEO Chris Cowell expressed excitement about joining Verbit and contributing to the transcription industry globally.
Acquisition
growth-positive
Verbit raises $60 million to improve enterprise-focused transcription software
Verbit, a voice and speech recognition tech company, has closed a $60 million series C round to support its product R&D efforts and pursue new verticals. The funding will also lay the groundwork for potential mergers and acquisitions. Verbits adaptive speech recognition technology sets it apart from competitors, with three algorithms powering its captioning services. The companys transcriptions are highly accurate, with over 99.9% accuracy. Verbit plans to expand its international reach, increase language support, and explore verticals in the insurance and financial sectors, as well as media and medical use cases. The company has a client base of over 400 educational institutions and commercial customers. Sapphire Ventures led the series C round, bringing Verbits total capital raised to over $100 million.
InvestmentExpand
growth-positive
To achieve its mission of transforming the note-taking world, Verbit wants to become the "Uber of transcription"
Verbit, a transcription service company, has experienced significant growth in 2020, with 500 paid customers and fivefold revenue growth. The company provides AI-based transcription services with an 85% accuracy rate, supplemented by human contractors for the remaining 15%. Verbit has found success in the education industry during the COVID-19 pandemic, serving prestigious institutions like Harvard and Stanford University. The company aims to expand into other industries, such as healthcare, and achieve a 99% accuracy rate. Verbit has raised a total of $65 million and currently has over 120 employees. While there are concerns about the job security of its freelancers, Verbit believes that growing demand will continue to provide projects for them.
CustomersExpand
growth-positive
Harvard to Use Tel Aviv-Based Transcription Startup Verbit For Distant Learning
Harvard University will use Verbits technology to transcribe classes for students unable to attend due to the coronavirus pandemic. Verbit, a Tel Aviv-based transcription startup, has developed an AI system for automatically transcribing recorded speech. A human operator then checks the output for errors. Verbit recently raised $31 million in a series B funding round, bringing its total funding to $65 million.
Customers
growth-positive
Verbit Announces Strategic Partnership with STTI, Verbit CEO to Join Board of Directors
Verbit, the leading AI-powered transcription platform, has announced a strategic partnership with the Speech to Text Institute (STTI) to drive innovation in the court reporting industry and legal technology. Verbits CEO, Tom Livne, will join STTIs board of directors. The partnership aims to advance the digital transformation of the legal industry and build meaningful partnerships with court reporters. Verbit recognizes the market changes and supports the adoption of digital tools in court reporting, which is expected to save companies nearly $250,000 USD over the next decade. Verbits technology combines AI and human intelligence to provide accurate and efficient transcripts. The partnership with STTI will educate the community about the capabilities of Automatic Speech Recognition in legal. Verbit is committed to revolutionizing the court reporting profession and believes that technology will enhance efficiency and fairness in legal processes.
Partners
growth-positive
Tel Aviv-Based Transcription Startup Verbit Raises $31 Million
Tel Aviv-based transcription startup Verbit Software Ltd. has raised $31 million in a series B funding round led by Stripes LLC. The funding will be used to add additional languages to Verbits AI system for automatically transcribing recorded speech. Verbits total funding to date is now $65 million. Existing investors also participated in the funding round.
Investment
growth-positive
Verbit launches AI real-time transcription solution
Verbit, an Israeli transcription and captioning solution developer, has released its real-time transcription solution called Communication Access Real-Time Translation (CART) services. CART uses AI-powered speech recognition technology to generate live closed captions. The solution is aimed at bridging the accessibility gap for individuals with hearing impairments and complying with FCC regulations and ADA requirements. Verbits platform offers an on-demand marketplace of transcribers, easy scheduling, unlimited capacity, and immediate downloadable transcripts. The companys CEO, Tom Livne, stated that incorporating machine learning and natural language processing will allow them to provide on-demand CART services that match human accuracy capabilities in real-time. The article was published on March 14, 2019.
Customers
growth-positive
Verbit.ai raises $23 million to automate transcription and captioning
Verbit.ai, a startup specializing in adaptive speech recognition technology, has raised $23 million in a Series A funding round led by Voila Partners. The funding will be used to support the companys global growth, particularly in the United States. Verbits technology, which relies on deep learning and neural networks, can generate detailed transcriptions with over 99 percent accuracy. The companys client base includes educational institutions and commercial customers, and its platform can reduce operating costs by up to 50 percent and deliver results 10 times faster than competitors. Verbit has raised a total of $34 million in funding to date.
InvestmentExpand
growth-positive
Israeli transcription co VerbIT raises $11m
Israeli startup VerbIT has raised $11 million in a seed round led by Oryzn Capital, Vertex Ventures, and HV Ventures. VerbIT provides transcription services that combine automated transcription algorithms with human transcription. The company plans to use the funding for expansion and acquiring professional expertise in other areas of transcription. VerbIT currently works with thousands of freelancers in over 20 countries and serves customers mainly in the education sector. The company aims to build a large company that will eventually have an IPO.
InvestmentExpand
