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. If your company is looking to scale it’s AI initiatives, head over to Tesoro AI (www.tesoroai.com) – experts in AI strategy, staff augmentation, and AI product development. 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