Verbit has secured $157 million in Series D funding, giving the company a unicorn valuation of over $1 billion four years after its inception. The round was led by Sapphire Ventures, alongside new investors such as Third Point, More Capital, Omer Cygler, Azura, and ICON fund, as well as existing investors such as Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures, and ClalTech.
Verbit’s total funding now exceeds $250 million, including debt financing from the Silicon Valley Bank.
This round of funding will be used to further improve and develop new products, add 200 new business and product roles, support research & development, and help prepare Verbit for a public offering.
Following its recent acquisition of VITAC, Verbit is claimed to be the No. 1 player in the professional transcription and captioning market, supporting more than 1,500 customers across the legal, media, education, government, and corporate sectors, including CNBC, CNN, FOX, Harvard University, Stanford University, and Kaltura, among others.
With 6x year-over-year revenue growth and close to $100 million in annual recurring revenue, Verbit continues to expand into new verticals at a hyper-growth pace.
Verbit aims to lead the $30 billion transcription industry and fulfill its mission to make all video and audio content accessible to everyone, everywhere, through its high-quality AI-powered captioning and transcription solutions.