Verbit cutting dozens of jobs in third round of layoffs
Verbit cutting dozens of jobs in third round of layoffs
The move comes one month after company President Yair Amsterdam was named Acting CEO, replacing long-time CEO Tom Livne
One month after naming a new CEO, transcription unicorn Verbit is laying off dozens of employees, including around 20 in Israel. Company President Yair Amsterdam was named Acting CEO at the start of February, replacing long-time CEO Tom Livne, who stepped down.
Livne co-founded Verbit in 2017 with Eric Shellef and Kobi Ben Tzvi, who both left the company long ago.
Verbit, which has developed an AI-powered real-time transcription and captioning platform, looked to be on top of the world in August 2021 when it raised $250 million in a Series E at a valuation of $2 billion. However, little has gone according to plan since.
Last July, Verbit said it was laying off 60 employees, one year after it had cut around 80 jobs in the U.S.
The company currently employed around 500 people, including 120 in Israel, prior to the latest round of layoffs.
