![]() ![]() Each has access to transcripts and captions that comply with their unique, industry-specific regulations and standards, such as HIPAA (Health Insurance Portability and Accountability Act) and SOC II compliance,” Livne said.Īnother major differentiator is that its model uses machine learning and natural language processing (NPL) to achieve over 99% accuracy with a turnaround time that is 10 times faster than the industry standard, according to Livne. It means Verbit’s customers are in the legal, education, media and enterprises sectors. “Since our AI is trained based on the vertical and customer at hand, our platform can build custom models that improve over time. What makes Verbit’s platform unique is that it harnesses the power of both artificial and human intelligence to provide vertical-specific transcription and captioning, building solutions that fit each industry, Livne continued. Verbit’s automated speech recognition (ASR) technology platform offers customers word-for-word, interactive and collaborative transcripts and captions. “Verbit, as the leading platform, aims to be this consolidator with more than 1,000 targets in our pipeline,” Livne said. He founded the AI-powered transcription and captioning platform startup: AI-driven automated transcription services coupled with professional transcribers. Livne often found himself dissatisfied with the slow turnaround time of transcriptions but did not have the tools as a lawyer to tackle the issue head-on. Verbit was founded in 2017 by Livne, who previously had a career in law. Verbit is a step closer to its planned IPO in the near future after closing the Series E, Livne said when asked regarding its listing plan. The startup will use the proceeds to invest in product development and continue its vertical and geographical expansion, CEO and founder of Verbit Tom Livne said, adding that it will also double down on its acquisition strategy. ![]() The new capital was led by Third Point Ventures, with participation from existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP. The latest funding brings its total raised to more than $550 million. ![]() The school grew to include the Schaumburg location in 1983 and in 1995, the college joined The Art Institutes system of schools, taking a different name in order to respect the trademarks of the School of the Art Institute of Chicago.Less than six months after raising a $157 million Series D round, AI-powered transcription and captioning platform Verbit announced today it has closed $250 million in a Series E round that values the company at $2 billion. History įounded in 1916 as The Commercial Art School, the college became widely known in the 1930s as Ray-Vogue School and was renamed Ray College of Design in 1981. Dream Center permanently closed the Schaumburg campus location at the end of 2018. EDMC owned the college from 1999 until 2017, when, facing significant financial problems and declining enrollment, the company sold the Illinois Institute of Art – Schaumburg, along with 30 other Art Institute schools, to Dream Center Education, a Los Angeles-based Pentecostal organization. The school was one of a number of Art Institutes, a franchise of for-profit art colleges with many branches in North America, owned and operated by Education Management Corporation. Illinois Institute of Art – Schaumburg was a for-profit art school in Schaumburg, Illinois. ![]()
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