Unicorn Verbit cutting 60 jobs in second round of layoffs
Unicorn Verbit cutting 60 jobs in second round of layoffs
Verbit underwent an organizational change last July that saw it reduce the company’s workforce by 10%
Israeli unicorn Verbit, which has developed an AI-powered real-time transcription and captioning platform, is laying off 60 employees, including 20 in Israel. Verbit currently employs 1,048 people, around double from a year ago. The sharp increase is the result of the company turning many of its regular transcribers into employees rather than freelancers.
Verbit underwent an organizational change last July that saw it reduce the company’s workforce by 10%. Most of the total of around 80 layoffs last year were made in the U.S.
Verbit, which has developed an AI platform that offers advanced technologies and full integrations into video-focused platforms, closed a $250 million Series E at a $2 billion valuation in November of 2021.
"In recent years, Verbit has acquired six companies, leading to duplication of roles. Now, as part of the company's streamlining process and to achieve profitability, Verbit is parting ways with 20 employees in Israel and approximately 40 employees abroad,” the company said in a statement. “Currently, the company is providing assistance to all departing employees in finding new opportunities to continue their professional journey."
