The funding helps the company hit unicorn status with a valuation of over $1B. Here are the top-line bullets you need to know.
Verbit, an AI-powered transcription and captioning platform, has raised $157M in a Series D round, with participation from Stripes, Sapphire Ventures, Third Point, and Azura, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Verbit is an AI-based technology platform that transcribes live and recorded audio and video into captions and transcripts for legal, media, education, and enterprise industries, claiming 99% accuracy.
- The company has a network of over 30,000 transcribers and more than 350 global employees.
- Verbit reported 6x year-over-year revenue growth and about $100M in annual recurring revenue (ARR).
- Verbit has 22,000 on-demand professional transcribers and transcribed over 30M minutes in the last year.
- The company has secured 12 patents and over 400 customers, including Coursera, Mediasite, Panopto, Canvas, Kaltura, and Blackboard.
WHY DOES THE MARKET MATTER?
- The voice and speech recognition market size was valued at $9.12B in 2017 and is expected to grow at a CAGR of 17.2% until 2025, as per Grand View Research.
- The rapid shift to remote work models and accelerated digitization in the auto, banking, and healthcare industries amid the pandemic have contributed to industry growth.
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