ClalTech

Transcription is one of the many areas where technology has impacted the future of work. First, global outsourcing sent transcription work to countries with language proficiency and low-cost wages. Now, deep-learning technologies such as AI and natural language processing are bringing automation to the industry. Verbit is an AI-powered transcription and captioning platform that leverages natural language processing and machine learning to deliver transcription that’s faster, more accurate, and less costly than previously possible. However, the platform isn’t completely dependent on technology as it operates a hybrid model with 30,000+ professional transcribers to review the accuracy of the transcriptions and captions as AI still can’t always correctly discern the reality of human dialogues in terms of context and common sense. Verbit is able to filter out background noises and detect domain-specific terminology, which is useful for compliance with industry-specific regulations. The depth of the technical stack also allows for captioning live audio and video in real-time. The company is just shy of a $100M ARR with ~70% margins. AlleyWatch caught up with CEO and Founder Tom Livne to learn more about how his experience as an attorney working with transcription led him to found Verbit, the company’s path towards IPO, latest round of funding from investors that include Sapphire Ventures, Third Point, More Capital, Omer Cygler, Azura, and ICON fund, Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures, and ClalTech.