AI-Powered Transcription Solution Verbit Raises $11M

March 29, 2018 | Israeli startup Verbit, an online business transcription and video captioning service, has raised $11 million in a seed round, the company announced today in a statement. The round was led by Vertex Ventures, Orzyn Capital, and HV Ventures. The company, founded only a year ago by entrepreneurs Tom Livne, Eric Shellef, and Kobi Ben-Tzvi, currently the CEO, CTO, and VP of Engineering respectively, has developed a solution that integrates automatic speech recognition algorithms with human augmented refinement. Corrections made by human transcribers contributes to and improves the Verbit algorithm through machine learning technologies. The company works with thousands of freelancers in over 20 countries. With the round, Verbit plans to double its number of employees in Israel.