WORD FOR WORD: Transcription and captioning startup Verbit has raised $23 million in a Series A funding round led by Viola Ventures. Vertex Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners and Clal-Tech also contributed to the raise, which brings the total amount raised for the company to $34 million.
Based in Tel Aviv, Israel, Verbit’s transcription services use artificial intelligence to automatically transcribe and caption audio and video files. Much of the recent raise will be used to continue developing that software; currently, the company also relies on human freelancers to do some of its transcription, which is used by colleges and universities including BYU-Idaho, Auburn University and University of California Santa Barbara.
Verbit’s recent raise will also be used to grow the company’s sales, marketing and product teams, according to a press announcement, and continue expansion into the U.S.
