The Israeli service for transcription and subtitle creation Verbit 29 Jan drew 23 million dollars of funding.
This is stated in the press release of the company.
The lead investor was the Fund Viola Ventures, the round also participated Vertex Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners and Clal-Tech. The total amount of borrowed funds (after two rounds) amounted to 34 million dollars.
The startup plans to use the investment to scale the international market, including the expansion of sales, marketing and product development, solution development and promotion in the United States.
Ukrainian R&D office is working in Kyiv from December 2016.
Verbit combines artificial and human intelligence in its product – solution for transcription and subtitle creation. The technology is based on adaptive algorithms.
Development Verbit allows us to achieve over 99% accuracy when decoding. AI technology support services for automatic decoding (Communication Access Realtime Translation or CART) allowing to obtain results in real time.