From 0 to Unicorn in 5 Years. Building an AI-Driven Transcriptions and Captioning Platform | Tom Livne, Verbit

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