Verbit, an AI-based transcription software provider, announced that it raised USD 157 million in a Series D funding round led by Sapphire Ventures. The round values the company at more than USD 1 billion. New investors Third Point, More Capital, Lion Investment Partners, and ICON Fund also participated in the round, as well as existing investors Stripes, Vertex Ventures, and HV Capital.

The company’s total financing now stands at USD 282 million, and the fresh funds will be funneled toward research and development, talent acquisition, and entering new market segments.  Furthermore, Verbit is preparing for an IPO in the near future.

The unicorn valuation comes on the heels of its acquisition of live transcription platform VITAC, which the company claims positions it as the market leader.

Founded in 2017, Verbit’s software 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 transcribes despite the speaker's accent. Furthermore, it also provides audio descriptions of visual images to make the content attainable for blind or low-vision viewers. The company has a network of 30,000 transcribers and claims its services deliver 99% accuracy. The company serves more than 1,500 clients, including CNBC LLC., Cable News Network, Fox News Channel, Harvard University, and Stanford University.