Verbit Raises $60M—And Over $100M Since Launch. Now the Pressure's On
Verbit only launched in 2016, but it's raised over $100 million for its education and legal captioning and transcription software. Now the company is "doubling down" in the legal sector, and adding real-time witness analysis and predictive analytics.
November 20, 2020 at 02:57 PM
3 minute read
Artificial intelligence-backed caption and transcription provider Verbit raised $60 million during a recent Series C investment round, the company announced. In an effort to expand beyond merely transcribing depositions, the company is set to add real-time witness analysis and predictive analytics features to its deposition platform in 2021.
The investment was led by Sapphire Ventures, with participation from existing investors Vertex Ventures, Stripes and others, according to a Verbit press release. This marks the second fund raising announced by the company in 2020—in January, Verbit secured $31 million, roughly a year after raising $23 million in February 2019. With over $114 million raised after launching in 2016, the pressure is on to create a must-have product, said Verbit CEO and co-founder Tom Livne.
"This is part of our strategy," Livne explained. "Sixty million is a big check, and if you think about how much we raised [since] inception it's more than 100 million. Obviously the investors are putting money into our platform—they want to see a return."
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