Successful ‘Unicorn’ Software Companies to Lay Off Staff in Reorganization
One of the changes that the digital revolution has brought to our modern world is the use of talk-to-text on our phones and other areas. It is convenient no doubt, but it still has a little way to go before it is considered flawless. Just this morning I was reading a doctor’s letter sent to those of us that are patients. Sadly, in the first two sentences, it was pretty clear the talk-to-text app they used was flawed. Instead of announcing the merger of the practice, it announced the “merge her.” Embarrassing, to say the least.
Perhaps an Israeli company has found a better way? According to an article from jpost.com they have.
Verbit’s AI-driven technology can turn any audio information—lectures, podcasts, or television shows—into a text transcript in seconds. 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.”
In 2021, Verbit was awarded the “LegalTech Breakthrough Award.” This prize marks the second time that the Israeli startup company has been a beneficiary of one of the most prestigious AI Breakthrough Awards programs.
“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.”… Tom Livneh
Perhaps I’ll tell my doctor’s office about Verbit. It couldn’t hurt.
Verbit, Others Deal Layoffs
While it’s nice to win great awards for your product, it’s more important to sell your product. Verbit and other similar operations are struggling somewhat.
The Jerusalem-based company is undergoing an organizational change that will see it reduce the company’s workforce by 10% in order to accelerate its path to profitability. Most of the total of around 80 layoffs will be of employees in the U.S., with 30 employees from Israel also leaving the company.
Verbit joins a growing list of unicorns to lay off employees over recent weeks, including eToro, Lightricks, Cybereason, OpenWeb, and Trax. In venture capital, a unicorn company is a privately-held startup company that is valued at more than $1 billion. It’s a term that’s become common in the investing community
“We have experienced a period of hypergrowth, increasing our workforce fivefold over a period of 18 months during which we acquired six companies,” Livneh wrote in a letter to the company’s employees. “Our success, which includes the doubling of our client base, including strategic clients in the different industries we serve, was achieved in different market conditions, and now we need to navigate the company and ensure that we are in the best position to lead it to prosperity and continued success, while we balance between growth and profitability.”
These days it is hard to make a success of an idea. Even when it is successful. Verbit has a great product and will find the right business plan to make it an award-winning and profitable organization.
read more at jpost.com