Stripes leads Verbit's $31 million Series B
Verbit, an AI-powered transcription and captioning platform, announced on January 15, 2020 the close of a $31 million Series B round led by Stripes. Existing investors Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech also took part, bringing Verbit's total funding to $65 million after a $23 million Series A in January 2019.
Verbit combines in-house speech recognition with a network of human transcribers to deliver highly accurate transcripts and captions, with corrections feeding back into its self-learning models. At the time it served more than 150 customers in legal and higher education, including Harvard, Stanford and Coursera, and had just opened its first US office in New York; Stripes now lists the company in New York and Tel Aviv. Verbit said the funding would support new verticals, new languages and further work on its speech technology. The release described the deal as Stripes' second Israeli investment after leading monday.com's Series C. Stripes Partner Saagar Kulkarni joined Verbit's board, and Stripes lists Verbit as a current portfolio company.
