Verbit today announced the close of a $60 million series C round ($10 million of which is debt) that the company says will bolster its product R&D efforts. Verbit CEO Tom Livne, speaking to VentureBeat via email, said the infusion will also lay the groundwork for merger and acquisition opportunities as Verbit pursues new verticals, increases the number of languages its platform supports, and hires employees to expand its international reach.
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. interact 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