Tel Aviv, Israel-based AI transcription startup Verbit is set to leave Israel, citing concerns about the impact of judicial reforms proposed by Prime Minister Benjamin Netanyahu.

 



Tel Aviv, Israel-based AI transcription startup Verbit is set to leave Israel, citing concerns about the impact of judicial reforms proposed by Prime Minister Benjamin Netanyahu.

 CEO Tom Livne confirmed that the firm would also stop paying taxes in the nation. Livne hopes that other startups follow in his footsteps. 


  • Prime Minister Netanyahu's proposed reform is poised to give the government the power to override Supreme Court decisions by a slim majority and oversee judicial appointments. 
  • The reforms are facing public backlash, with venture fund Disruptive AI's Tal Barnoach calling it a "judicial coup." 
    • Venture firm Disruptive AI and startup Papayal Global announced last week that they are moving their funds out of Israel, but they will continue to operate in the nation. 
  • Barnoach argued that the reform would give the government the power to make changes at their discretion, including changing tax rates and regulations for companies. 
  • Verbit developed an AI-powered transcription platform that is used in courthouses and universities. 
    • The startup is valued at $2B, per CNBC.

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