Israeli transcription company Verbit was awarded the "Best Speech to Text Solution Award" at the 5th AI Breakthrough Award competition, the company announced on Thursday. "Verbit's unique hybrid use of artificial and human intelligence represents a breakthrough platform that addresses these rates, allowing users to achieve increased accuracy and ultimately create inclusive environments, enable effective communication, and increase engagement, '' James Johnson, managing director of AI Breakthrough, said. "We are thrilled to award Verbit with our'Best Text to Speech Solution' for 2022." Verbit's technology, which combines machine learning, natural language processing and tens of thousands of professional transcribers, can turn any audio information -- Be it lectures, podcasts, or television shows -- Into a text transcript in seconds. Tom Livneh, CEO and Founder of Verbit was encouraged to create a caption service that depended on technology rather than hand-operated work. After recognizing the opportunity this field had to benefit several different audiences, including artificial intelligence, Livneh decided to move forward with his company. "Right from the start, we recognized a huge shortage of good enough transcript capabilities and knew that if we developed strong enough artificial intelligence technology, we could win the game, and we did," said Livneh. "This award is proof that we are on the right path.

Verbit, the market leader in voice AI transcription and captioning solutions, announced that it has received the "Best Speech to Text Solution" award in the 5th annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market . Verbit harnesses the power of artificial and human intelligence to provide highly-accurate vertical specific transcription and captioning solutions delivered with a turnaround time that is ten-times faster than the industry standard. Using machine learning and natural language processing paired with the largest professional captioner workforce in the world, Verbit produces word-for-word transcripts and captions tailored for diverse customers in the education, media, government, finance and corporate sectors. The platform's AI is trained based on the vertical and customer at hand, giving Verbit the ability to build custom models that improve over time. Additionally, Verbit customers have access to transcripts and captions that comply with their unique, industry-specific regulations and standards.

Verbit, the market leader in voice AI transcription and captioning solutions, today announced that it has received the "Best Speech to Text Solution" award in the 5th annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today. Verbit harnesses the power of artificial and human intelligence to provide highly-accurate vertical specific transcription and captioning solutions delivered with a turnaround time that is ten-times faster than the industry standard. Using machine learning and natural language processing paired with the largest professional captioner workforce in the world, Verbit produces word-for-word transcripts and captions tailored for diverse customers in the education, media, government, finance and corporate sectors. The platform's AI is trained based on the vertical and customer at hand, giving Verbit the ability to build custom models that improve over time. Additionally, Verbit customers have access to transcripts and captions that comply with their unique, industry-specific regulations and standards.

Verbit's technology foundation, its global community of freelancers, and its mass customization strategy are the three features of Verbit's future of work model.

Verbit is a very successful startup. The 4-year-old developer of an AI-powered transcription and captioning platform has reached unicorn status in June, raising $157 million at a valuation of over $1 billion, for a total of $319 million raised to date. It has 2,600 customers, 450 employees, and will reach $100 million in revenues by the end of the year. According to co-founder and CEO Tom Livne, Veribit enjoys Net Revenue Retention (the rate of revenue generation from existing customers) of 163%. "Our customers are growing with us," says Livne.

Verbit today announced the close of a $157 million series D round the company says will bolster its product R&D and hiring efforts. CEO Tom Livne, who noted that the raise brings the company's post-money valuation to more than $1 billion, said the capital will also support Verbit's geographic expansion as it prepares for an initial public offering. The voice and speech recognition tech market is anticipated to be worth $31.82 billion by 2025, driven by new applications in the banking, health care, and automotive industries. In fact, it's estimated that one in five people in the U.S. interacts with a smart speaker on a daily basis and that the share of Google searches conducted by voice in the country recently surpassed 30%. Livne, who cofounded Verbit.ai with Eric Shellef and Kobi Ben Tzvi in 2017, asserts that the New York-based startup will contribute substantially to the voice transcription segment's rise.

The transcription market in the US alone was valued at $19.8 billion USD in 2019 and is anticipated to expand by 6.1% from 2020 to 2027. Organizations across the globe generate large volumes of data every day that can be effectively used to obtain valuable insights. Today's businesses and organizations are using transcription for research projects, classes, webinars, legal proceedings, data analysis, blog posts, website content, search engine optimization (SEO) and to make workplace environments and external materials and videos more accessible. Verbit builds its own speech recognition engine in-house. The engine uses three models: The acoustic model: reduces background noise and echoes to cancel out factors that reduce the audio quality.

I've searched for a reliable way to autonomously transcribe natural speech for years. I'm a journalist, and I often have hours of taped interviews with sources around the globe to transcribe. Speech to text has been a huge challenge for AI developers, and it's a puzzle that's being closely watched in a variety of industries. The technology has implications far beyond quoting sources; human-machine interfaces in fields like robotics, autonomous vehicles, and personal computing will benefit from computers that can accurately interpret natural speech. Transcription, then, is a kind of technological entry point, a straightforward market need that can help spur development of a technology that will have broad resonance and incalculable implications for how we interact with machines.

The disruptive technologies these days are getting lots of attention in the global technology market. Particularly, artificial intelligence is one such technology that is making headlines every day. With new inventions and innovations, more and more companies are emerging across the industry to offer something that was never explored before. Most of all, various rising start-ups and other AI-based companies are securing hefty amounts of investment from significant investors every now and then. The beginning of new year marked the commencement of new era of innovation with several investors coming forward to contribute to the transformative journey of emerging innovators.

While our exposure to technology is often more novel than anything -- like a program that recognizes your friends and tags them in a picture -- small tweaks may turn the mundane into something life-changing. Intel is partnering with Israeli startup MobileODT, a company that created a smartphone app to diagnose cervical cancer. Together, both businesses are searching for (and challenging) developers to arrive at an algorithm that, based on images, accurately identifies women's cervix types. If successful, the effort could save the lives of millions of women around the world who don't have access to adequate medical care. Saul Singer's book Start-up Nation inspired the view of Israel as an enigma in innovation, and around the world, people are looking to learn from Israel in its attempts to construct better tech ecosystems.