Verbit

Verbit is an AI-based transcription software that can be used to caption videos and transcribe audio in real time, making it appropriate for business or classroom settings. Verbit’s use cases extend to the legal, education, and media industries, and the software can be tailored to cater to industry-specific regulations and standards. Its technology detects domain-specific terms, offers noise-cancellation, and is accent neutral in its transcription. Furthermore, it also provides audio descriptions of visual images to make the content attainable for blind or low-vision viewers.

In May 2021, Verbit announced the acquisition of transcription software provider, VITAC. VITAC is considered to be the largest provider of transcription solutions in North America. Hence, Verbit claimed the acquisition positions it as the market leader in the professional transcription software sector. Furthermore, it allowed Verbit to expand its customer portfolio to the media and production verticals. Founded in 1986, VITAC had a customer base of 1,700 at the time of the acquisition spanning broadcast and media, education, and government agencies. Continuing with its geographic expansion efforts, in March 2022 , Verbit acquired Take Note, a transcription service with a team of ~600 transcribers based in the UK, for an undisclosed amount. Take Note provides audio and video transcription, captioning, and note-taking solutions primarily targeting the market research sector.

Verbit raised USD 250 million ( November 2021 ) in a Series E funding round led by Third Point Ventures with participation from existing investors including Sapphire Ventures, More Capital, and Disruptive AI. The funds were allocated to product development and to support Verbit’s vertical and geographic expansion in Europe. Verbit plans to further invest in M&A and to add scale and new capabilities to support its clients. The round doubles the company’s valuation to USD 2 billion since its USD 157 million Series D funding round in June 2021.

As of March 2022, the company had a network of 35,000 transcribers and 600 captioners. The company serves more than 2,500 clients across the media, education, corporate, legal, and government sectors, with a strong presence in the UK and Australia. It reported more than USD 100 million in annual recurring revenue (6x year-over-year revenue growth in November 2021) along with a customer retention rate of 163%.