Verbit Inc.
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Verbit Inc. - overview
Established
2017
Location
New York, NY, US
Primary Industry
Software
About
Founded in 2017 by CEO Tom Livne and based in New York, US, Verbit Inc. provides software solutions that enable transcription analytics services and captioning through human and artificial intelligence. In November 2021, Verbit Inc. raised USD 250 million in series E funding led by Third Point Ventures, with participation from 40 North Ventures, Disruptive Technologies Venture Capital, and some other investors.
The Series E values Verbit Inc. at USD 2 billion post-money. Verbit serves more than 2000 customers across various sectors and industries. The company's clients include CNN, Fox, Disney, Coursera, Stanford, Harvard University, Amazon, Microsoft, and AT&T.
In May 2021, Verbit acquired VITAC for USD 50 million. The company's solutions include Live captioning and real-time transcription, which provides live captioning for Zoom video calls. Legal transcription services, which provide accurately recorded courtroom transcription and real-time drafts during remote, digital proceedings. Audio and video captioning, and transcription, which provides word-for-word records of live and recorded meetings and events.
Audio description, which provides descriptions of visual images for those with vision loss. The company generates revenue through its platform that works on a subscription-based pricing plan. It offers different packages which are education & disability needs package, distance learning & eLearning package, enterprise & general business package, media production package, and court reporting and depositions package. Each of the packages is divided into standard, professional, and premium plans.
The company provides the pricing on request. The company plans to use the financing to invest in product development and continue its vertical and geographical expansion into Germany, France, Spain, and other countries. Verbit also plans to pursue further M&A opportunities to add scale and new capabilities to enhance its value to media, education, corporate, legal, and government clients. The company also plans to make an initial public offering in 2022.
Current Investors
Vertex Ventures Israel, HV Capital, Horizon Capital
Primary Industry
Software
Sub Industries
Web Applications, Application Integration Software, Conferencing Software
Website
www.verbit.ai
Verticals
Artificial Intelligence, Artificial Intelligence, Cloud Computing
Total Amount Raised
Subscriber access only
Verbit Inc. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on | Completed | VITAC Corporation | - |
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