Software January 14, 2020
Smarter Transcription: Our Investment in Verbit
While a nonsensical transcription of a voicemail might be acceptable for most consumers, the same cannot be said for a transcription of a deposition in a court case or a transcription of a classroom lecture for a hearing-impaired student. Today, transcription use cases that require 99.9% accuracy are typically serviced by companies that hire humans to listen to audio and manually transcribe to text – a process that is time consuming, expensive, and not scalable.
The lack of an efficient, cost-effective, and accurate transcription solution has had meaningful impact across industries. Some universities including Harvard and MIT have been sued for failing to meet the accessibility standards set by the Americans with Disabilities Act, while others like UC Berkeley have removed more than 20,000 hours of valuable online content to try to mitigate their exposure to litigation. Universities and online educational platforms are now forced to define and implement new digital accessibility policies, but have yet to find the right solution.
We believe Verbit is the optimal solution for any transcription use case that requires near-perfect accuracy
Similarly, the legal industry has struggled to keep pace with demand for deposition transcriptions as the number of stenographers has declined by 18% since 2015, forcing court reporting agencies to decline work and forgo revenue due to a lack of available stenographers. The legal industry has experimented with various solutions to this growing imbalance, but none have been widely adopted as they have struggled to meet the high demands for accuracy, turnaround time, and flexible workflow.
The pain felt in the education and legal sectors exists across others including healthcare, government, media, insurance, and many more in the $30 billion transcription market.
We believe Verbit is the optimal platform for any transcription use case that requires near-perfect accuracy. Verbit’s platform combines modern speech recognition technology and industry-specific machine learning models to automate most of any given transcription with high accuracy. Then, to achieve 99.9% accuracy, the transcript is reviewed and edited by a curated network of 15,000 trained freelance transcribers. The net result is an accurate transcription delivered in less time at a substantially lower cost than incumbent, human-based solutions. Verbit’s customers rave about not only its accuracy, speed, and cost, but also its complete platform and integrations, exceptional customer service, and secure content transmission and storage.
Verbit’s leading transcription platform continues to improve and expand its competitive moat driven by powerful product verticalization and growing industry-specific training data. As a result, Verbit is already superior to horizontal technology transcription solutions and is extending its lead at a rapid pace.
Stripes Leads Verbit's $31 million Series B Financing
We were impressed by Founder and CEO Tom Livne and his vision for Verbit after first meeting him in 2018. Once we dug in, the overwhelmingly positive feedback from customers and the exceptional growth of the business convinced us that Verbit is uniquely positioned to fill a clear gap in the $30 billion transcription market. Like our investments in Sift and HyperScience, Verbit is leveraging the power of artificial intelligence to fundamentally improve a specific application and help critical work get done better, faster, and cheaper. We are thrilled to partner with Tom and the rest of the Verbit team and lend a hand on their journey to solve transcription globally across all professional industries.