We got an exclusive look at the pitch deck Israeli AI transcription startup Verbit used to raise $60 million

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    We got an unique take a look at the pitch deck Israeli AI transcription start-up Verbit utilized to raise $60 million

    Verbit CEO and Founder, Tom Livne's Headshot

    Verbit CEO and Creator, Tom Livne.

    Verbit.


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    • Israeli AI transcription startup Verbit has actually raised a $60 million Series C round.
    • Verbit’s platform uses AI and a network of 22,000 human transcribers to provide what it calls “market leading” transcription services.
    • ” We closed our Series B in January however then COVID-19 hit and there was a lot of unpredictability in the market,” Verbit CEO and creator Tom Livne, informed Organization Insider in an interview.
    • See Organization Insider’s homepage for more stories

    Israeli human/AI transcription startup Verbit has raised a $60 million Series C round led by Sapphire Ventures.

    Established in 2016, Verbit’s platform utilizes AI, artificial intelligence and natural language processing, combined with a network of 22,000 human transcribers to supply transcription services.

    ” We closed our Series B in January however then COVID-19 hit and there was a lot of uncertainty in the market,” Verbit CEO and creator Tom Livne, told Service Insider, including that the company saw an uptick in demand. Livne stated earnings was up 5x in the third quarter compared to 2019, though he didn’t delve into figures.

    Funding occurred over Zoom, with Livne costs much of his time during the fundraise on a working holiday in Greece. Funding took less than two months to complete.

    Verbit’s round also saw involvement from existing financiers Vertex Ventures, Stripes, HV Ventures, and ClalTech, in addition to new financier Vertex Growth.

    Verbit was started in response to Livne’s frustration at the low quality of transcription he received while working as an attorney. The company focuses on legal transcriptions currently but will utilize this funding to expand into other verticals consisting of healthcare, financing, insurance coverage, and will also provide transcriptions in new languages.

    Financing will likewise be used for acquisitions with Verbit looking to include smaller, less efficient transcription business to its platform to serve more users. “Even before COVID-19 there was a requirement for better transcription but [the pandemic] has accelerated the shift into the digital world,” he added.

    Take a look at Verbit’s Series C deck listed below:

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