Artificial intelligence-backed caption and transcription provider Verbit raised $60 million during a recent Series C investment round, the company announced. In an effort to expand beyond merely transcribing depositions, the company is set to add real-time witness analysis and predictive analytics features to its deposition platform in 2021.
The investment was led by Sapphire Ventures, with participation from existing investors Vertex Ventures, Stripes and others, according to a Verbit press release. This marks the second fund raising announced by the company in 2020—in January, Verbit secured $31 million, roughly a year after raising $23 million in February 2019. With over $114 million raised after launching in 2016, the pressure is on to create a must-have product, said Verbit CEO and co-founder Tom Livne.
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