Mar 16, 2022
Recently valued at $2 billion, Verbit is the latest AI-platform to reach unicorn status. The startup has grown to $100mm in annual recurring revenue in only five years through its AI-driven transcription and captioning platform.
In this episode we sit with Tom Livne, Founder and CEO, to discuss several topics including how he leveraged the gig economy to build a more powerful AI product, growth through acquisition, how a vertical focus can drive better predictions, and much more.
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Timestamps:
1:36 Verbit receives $2B valuation on 6x year over year growth
2:30 Tom’s journey from military special forces to law to tech entrepreneur
5:25 The Genesis of Verbit: discovering the challenges behind transcription editing
9:20 Use cases for Verbit’s transcription automation services
13:15 Recruiting a technical cofounder to be the brains behind the AI
16:06 How Verbit works
18:15 Determining a suitable accuracy rate for Verbit’s AI-driven predictions
X20:15 How a focus on specific verticals impacted go-to-market and improved prediction capabilities
24:30 Building out a 35K freelance network of transcriptionists
27:35 Getting access to date to build an AI product
28:45 How Verbit acquired its first few customers + finding product market fit
34:12 Verbit raises $250mm Series E and its plans for growth
35:53 A sneak peek into upcoming products
38:00 How Tom thinks about AI talent at Verbit
40:30 Growth via acquisition of mom and pop transcription services