The pandemic first saw people adapt to working from home, but as time went on many realized not all tools were inclusive.
In fact, the likes of Zoom introduced auto-generated captions so that workers could read what was being said on their increasingly regular video calls.
Verbit is a company that specializes in AI transcription and captioning, and has now seen its value increase significantly in its latest round of funding.
The company’s AI platform offers opportunities for its clients to deepen their commitment to accessibility. This is done through integrations into any video-focused platform via real-time messaging protocol (RTMP) in, RTMP out.
Verbit was created four years ago and has already amassed a valuation of $2 billion. On top of that, Verbit’s total funding now exceeds $550 million (including secondary transactions).
A new Series E rounded added $250 million to the total raised. Third Point Ventures led the charge contributing $200 million. Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next, and TCP also participated.
Verbit currently serves as a trusted captioning and transcription partner for over 2,000 customers across the media, education, corporate, legal, and government sectors.
With this latest round of funding, the company intends to pursue mergers and acquisitions (details are yet to be specified), adding scale and new capabilities to its product, as well as providing enhanced value for its current customers.
Verbit will also increase its investment in product development and continue the company’s vertical and geographical expansion.
“We built a powerful technological platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible.”
Robert Schwartz, a managing partner at Third Point Ventures, who will join Verbit’s board of directors as a result of the funding, added: “Verbit is a special company combining exceptional technology-driven organic and inorganic growth in the transcription marketplace.
“It’s rare to encounter such a large, fragmented market ripe for digital transformation and simultaneous consolidation.
“Verbit’s exceptionally talented team has achieved scale and leadership in an incredibly short time.
“We are excited to significantly increase our investment in Verbit and look forward to continuing to contribute to the company’s evolution and growth trajectory.”