Verbit, a transcription software startup from Israel, has announced a $11 million seed round from HV Holtzbrinck Ventures, Vertex Ventures, and Orzyn Capital.
The company, founded last year, develops software for transcribing audio and video content using AI; though it also uses human editors to make corrections and help refine the algorithms. It claims that it is more accurate than existing solutions which have an average accuracy rate of 70%. It targets the media, legal, education, and medical industries.
“We already generated millions of dollars in revenue, but we've only just begun. With this funding the company set aggressive growth targets and significantly expanded product capabilities,” said CEO Tom Livne.
The Tel Aviv-based company will double its workforce over the next year to 60. Its customers include London Business School and edtech firms Coursera and Udacity.