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.