Groups Similar Look up By Text Browse About

Similar articles
Article Id Title Prob Score Similar Compare
209506 ZDNET 2021-6-8:
AI transcription company becomes unicorn
1.000 Find similar Compare side-by-side
209473 VENTUREBEAT 2021-6-8:
AI-powered transcription startup Verbit raises $157M
0.988 0.556 Find similar Compare side-by-side
209415 VENTUREBEAT 2021-6-8:
Bain and Crosspoint Capital acquire ExtraHop in $900M deal
0.417 Find similar Compare side-by-side
209838 ZDNET 2021-6-8:
UiPath, robotic process automation startup, tops expectations in first quarterly report
0.412 Find similar Compare side-by-side
210009 VENTUREBEAT 2021-6-11:
Can we afford AI?
0.384 Find similar Compare side-by-side
209730 VENTUREBEAT 2021-6-10:
Osome raises $16M to automate repetitive accounting tasks
0.380 Find similar Compare side-by-side
209500 VENTUREBEAT 2021-6-8:
Stoke nabs $15.5M to boost its AI-driven freelance management system
0.367 Find similar Compare side-by-side
209523 VENTUREBEAT 2021-6-4:
AI Weekly: China’s massive multimodal model highlights AI research gap
0.365 Find similar Compare side-by-side
209599 ZDNET 2021-6-7:
Coupa shares fall despite fiscal Q1 results, outlook above expectations
0.356 Find similar Compare side-by-side
209173 VENTUREBEAT 2021-6-4:
How AI can simplify, streamline, and enhance supply chain operations
0.352 Find similar Compare side-by-side
209573 VENTUREBEAT 2021-6-7:
Mythic launches analog AI processor that consumes 10 times less power
0.349 Find similar Compare side-by-side
209572 VENTUREBEAT 2021-6-7:
Identity verification company Trulioo lands $394M
0.345 Find similar Compare side-by-side
209386 VENTUREBEAT 2021-6-9:
How AI and mosquito sex parties can save the world
0.345 Find similar Compare side-by-side
209514 VENTUREBEAT 2021-6-9:
Enterprise CMS Contentstack raises $57.5M
0.341 Find similar Compare side-by-side
209807 ZDNET 2021-6-10:
Industrial AI pioneer partners with analytics upstart Snowflake
0.341 Find similar Compare side-by-side
209809 ZDNET 2021-6-10:
Biden administration forms new AI task force
0.340 Find similar Compare side-by-side
209633 ZDNET 2021-6-7:
Lightspeed buys digital commerce tech providers Ecwid and NuOrder for combined $925M
0.339 Find similar Compare side-by-side
209749 VENTUREBEAT 2021-6-10:
Data flow automation engine Prefect raises $32M
0.336 Find similar Compare side-by-side
209369 VENTUREBEAT 2021-6-9:
The future of AI in finance is here: Reducing the cost of accuracy
0.331 Find similar Compare side-by-side
209778 VENTUREBEAT 2021-6-10:
AI Hardware Summit: Must-Attend AI Event Releases Agenda Ahead of its Return to Face-to-Face in Silicon Valley
0.329 Find similar Compare side-by-side
209487 VENTUREBEAT 2021-6-8:
ZoomInfo acquires Insent to help sales teams convert website visitors
0.327 Find similar Compare side-by-side
209660 ZDNET 2021-6-9:
SurveyMonkey rebrands as Momentive, aims to take on Qualtrics in experience management software
0.324 Find similar Compare side-by-side
209399 VENTUREBEAT 2021-6-7:
Lightspeed buys Ecwid and NuOrder for $925M to ‘unify commerce ecosystem’
0.313 Find similar Compare side-by-side
209828 ZDNET 2021-6-9:
Brazil sees ICT recruitment boom in 2021
0.310 Find similar Compare side-by-side
210000 VENTUREBEAT 2021-6-11:
AI ‘dominated scientific output’ in recent years, UNESCO report shows
0.309 Find similar Compare side-by-side


ID: 209506


Date: 2021-06-08

AI transcription company becomes unicorn

There's a huge future in speech-to-text (to the tune of $1 billion). A transcription and captioning company is the latest to join the unicorn club.  Verbit, which has developed an AI-centered speech-to-text process that's highly accurate, has closed a Series D worth $157 million on a valuation in excess of $1 billion. "The transcription market has been ripe for innovation. 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," said Tom Livne, CEO and Founder of Verbit. "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."  The company's total funding is now over $250 million, perhaps a surprising vote of confidence for a company that focuses on the surprisingly mundane (and heretofore largely human-powered) task of translating speech to writing. If that sounds simple, it's not. Spoken language is incredibly difficult for a machine to interpret accurately. The rise of voice recognition technology and the power of machine learning to parse spoken language with help from immense datasets has helped Verbit make important advances. AI-only transcription is still far from perfect, but companies are increasingly relying on AI for a first pass at transcribing audio. As we recently reported, Verbit has been making moves to corner the market through acquisition. Verbit recently acquired VITAC, a company focused on communication accessibility via captioning, which is responsible for captioning hundreds of thousands of programming hours each year, with clients including every broadcast company and most cable networks, as well as Fortune 1000 Corporations, educational institutions, and government agencies. That broad customer base points to the prolific market for transcription and captioning services, which helps explain Verbit's eye-popping valuation. Verbit has seen 6x year-over-year revenue growth and close to $100 million in annual recurring revenue. "With their hybrid transcription platform bringing together innovative technology and a network of over 30,000 transcribers, Verbit has forged a winning combination of AI and human intelligence," said Jai Das, president and partner at Sapphire Ventures. "The company has had unparalleled growth akin to some big, well-known companies out there and we're very impressed by the team's ability to achieve a unicorn valuation in just four years. We're looking forward to continuing to be part of this exciting journey with Verbit."