Verbit was founded in 2017 by Tom Livne. The company has discussed plans to go public through an IPO, though remains private as of June 2023.
Verbit is the developer of AI-powered transcription and captioning software. The company, based in New York and Tel Aviv, has pursued an acquisition plan in the hopes of consolidating the transcription industry. Verbit has acquired Take Note, VITAC, and Automatic Sync Technologies. The company has raised more than $550 million in venture capital funding from investors including Third Point Ventures, Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next, and TCP. As of November 2021, the company announced a valuation of more than $2 billion following a $250 million Series E fundraising round.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.