What the Company Does?
As the only vertically integrated voice AI platform, Verbit is a one-stop-shop for real-time, post-production, translation and audio description.
The Current Landscape
The shift to remote work and accelerated digitization amid the pandemic has been a major catalyst for the $30 billion transcription industry. However, the industry remains very fragmented with a huge number of small mom and pop companies. As the world's leading platform, Verbit aims to be this consolidator with more than 1,000 targets in its pipeline.
Verbit has taken the transcription industry by storm since day one. In November 2021, Verbit secured $250 million in Series E funding, giving the company a $2B valuation only 4.5 years after its inception and bringing its total funding to over $550 million. With strong 6x year-over-year revenue growth and over $100 million in annual recurring revenue, Verbit continues to grow at a rapid pace. The company currently works with over 2,000 businesses and institutions, and has a presence in San Francisco, New York, Tel Aviv and Ukraine.
Company Birth Story
Before entering the startup world, Verbit CEO and founder Tom Livne had a successful career in law, where transcripts are essential. They often found themselves dissatisfied with the slow turnaround time of transcriptions, but did not have the tools as a lawyer to tackle this issue head-on. Tom decided that he was more passionate about entrepreneurship than working as a legal advisor, which is when he founded Verbit, an AI-powered transcription and captioning platform that achieves over 99% accuracy rates by utilizing its world-leading hybrid platform: AI-driven automated transcription services coupled with hand-picked, professional transcribers.
The Solution
What makes Verbit’s platform so unique is that it harnesses the power of both artificial and human intelligence to provide vertical specific transcription and captioning, building solutions that fit each industry. Since our AI is trained based on the vertical and customer at hand, our platform has the ability to build custom models that improve over time. This also means Verbit’s customers in the education, media, finance and corporate sectors each have access to transcripts and captions that comply with their unique, industry-specific regulations and standards, such as being SOC 2 compliant.
Additionally, our platform has a tremendous scale for any customer, meaning they can deliver integrations and a customized workflow that meets the unique needs of all businesses, regardless of their size.
Another major differentiator is that Verbit’s model uses Machine Learning (ML) and Natural Language Processing (NPL), as well as a network of over 35,000 hand-picked, professional transcribers to achieve over 99% accuracy with a turnaround time that is ten times faster than the industry standard.
Our main competitors are Rev.com and 3Play Media.
A Customer Story
Verbit’s platform powers a world where all media shared in classrooms, workplaces and online platforms are inclusive, affording access to all. Full case studies can be found HERE, and below is a snapshot of notable client feedback:
“The turnaround time, the accuracy, the editing time – all of those things are truly best-in-class.” - Valerie Sturm, Coordinator of Services for the Deaf and Hard of Hearing, Brigham Young University, Idaho
“Alamo is committed to access. The students have really relied on [Verbit’s] transcription and the captions if they miss the interpreter. They can then catch what’s happening. Hard of hearing students without ASL can follow along and participate. Transcripts are great for saving for later for notes and study materials.” - Jo Hilton, Interpreting Services Manager, Alamo Colleges District
“It’s important to find a provider you can trust because providing accessibility is extremely important. They had a call with Sadiq Khan, the Mayor of London, and over 3,500 teachers, lecturers and support staff that had the Verbit software on it.” - Mike Joslin, Lead Marketing Officer, National Education Union
Check It Out : https://verbit.ai/
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