Vertex Ventures Israel co-leads $11m round in transcription startup Verbit

Visual from Verbit's website.

Venture capital firm Vertex Ventures Israel has co-led an $11-million seed funding round in Israeli transcription startup Verbit.

Vertex joins Oryzn Capital and HV Ventures in providing one-year-old Verbit with seed money that the startup will use to double its staff in the country in the coming year from the current 32.

The investment comes days after Vertex announced its lead investment in the $5-million Series A funding round of Israeli startup Atidot, an insurtech firm that provides big data and predictive analytics tools for the life insurance industry.

Vertex Ventures general partner Yanai Oron said the investment in Verbit should allow the startup to expand into a number of new verticals while scaling its business in the existing verticals.

Founded by Tom Livne, who is also its CEO, Verbit combines software with human transcribers to improve quality, speed, and price of service, the company said in a statement.

“Beyond transcribing, we use innovative AI applications to determine when human input is required to ensure 100 per cent accuracy,” Verbit says on its website.

Livne said the company already has millions of dollars in revenues, with its customers including the London Business School and edtech firms Coursera and Udacity.

In an interview with the Times of Israel, Livne said the main focus of Verbit at the moment is in the education field, where there is a lot of demand for courses to be made available to people with impaired hearing.

Last month, Vertex Ventures Israel also co-led a $5-million seed round in Nucleai, which uses artificial intelligence and machine learning algorithms to detect cancer and other diseases.

Also Read:

Vertex Ventures Israel leads $5m Series A in insurtech startup Atidot

Vertex Ventures Israel co-leads $5m seed round in cancer detection startup Nucleai

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.