Verbit to layoff 10% of its workforce, eight months after $250 million funding round

Israeli unicorn Verbit, which has developed an AI-powered real-time transcription and captioning platform, 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 closed a $250 million Series E at a $2 billion valuation in November of last year. “We need to act and prepare ourselves to be in the best position to continue to grow and prosper,” said Verbit CEO and founder Tom Livne.
Verbit joins a growing list of unicorns to lay off employees over recent weeks, including eToro, Lightricks, Cybereason, OpenWeb, and Trax.

source-calcalistech.com/ctechnews/article/bj4k0azi5