Verbit, which recently acquired VITAC, has secured $157 million in Series D funding, giving the company a valuation of more than $1 billion only four years after its inception.
The round was led by Sapphire Ventures, alongside new investors such as Third Point, More Capital, Lion Investment Partners, and ICON. Existing investors include Stripes, Vertex Ventures and Vertex Growth, HV Capital, Oryzn Capital, Viola Ventures, and ClalTech. Verbit’s total funding now exceeds $250 million.
Verbit’s rapid expansion into new industries and sectors attracted this new round of funding. The investment will be dedicated toward overall company growth and used to further improve and develop products, support research and development, launch new products, and help prepare Verbit for a public offering.
“The captioning and transcription market has been ripe for innovation,” said Tom Livne, CEO and Founder of Verbit. “That’s the initial reason why I founded Verbit. The shift to remote work and accelerated digitization amid the pandemic has been a major catalyst for this $30 billion industry and has further driven Verbit’s already-rapid development.
“Securing this new funding is yet another milestone that brings us closer to becoming a public company, which will further fuel our expansion through strategic acquisitions and investments.”
This new funding will enable Verbit to offer more customized offerings to clients. With additional funding, the company will continue to evolve to meet the growing needs of current customers and others who can benefit from its advanced captioning, transcription, translation, and audio description solutions.