Vertex Ventures, the venture capital firm backed by Singaporean Temasek Holding has co-led a US$11 million seed funding round in Israeli transcription startup Verbit.
Other investors include Oryzn Capital and HV Ventures whom also joined in the investment to provide the one-year-old Verbit with seed money that the startup will use to expand its staff in the country in the next year from its current team of 32.
This funding comes days after Vertex announced its lead investment in the US$5 million Series A funding round of Israeli startup Atidot, an insurtech firm that provides big data and predictive analytics tools for the life insurance industry.
Vertex Ventures general partner Yanai Oron said the investment in Verbit would allow the startup to expand into a number of new verticals while scaling its business in the existing verticals.
Founded by Tom Livne, who is also the company’s CEO, Vertbit combines software with human transcribers to improve quality, speed, and price of service.
“Beyond transcribing, we use innovative AI applications to determine when human input is required to ensure 100 percent accuracy,” said Verbit.
Livne said the company already has millions of dollars in revenues, with its customers including the London Business School and edtech firms Coursera and Udacity.
Last month, Vertex Ventures co-led a US$5 million seed round in Israeli startup Nucleai Ltd. Nucleai uses artificial intelligence and machine learning algorithms to detect cancer and other diseases.