Welcome to our dedicated page for Veritone news (Ticker: VERI), a resource for investors and traders seeking the latest updates and insights on Veritone stock.
Veritone, Inc. (symbol: VERI) is a pioneering company specializing in advanced artificial intelligence (AI) computing solutions and services. Founded in 2014, Veritone has swiftly risen to prominence with its proprietary AI-based cognitive computing platform that allows for the seamless processing, transformation, and analysis of unstructured audio and video data. This innovative platform, known as aiWARE, integrates a robust ecosystem of various top-tier cognitive engines, enabling businesses to extract valuable insights from vast amounts of media data.
Veritone's core business revolves around the delivery of its software products and services. The company serves a diverse clientele, including Commercial Enterprises and Government and Regulated Industries. Through its aiWARE platform, Veritone offers a range of services, including content licensing, advertising agency functions, influencer management, and related professional services. These solutions are designed to support clients in deploying and implementing efficient AI-driven strategies.
With a strong presence across multiple continents, including the United States, the United Kingdom, France, Australia, Israel, and India, Veritone's reach and influence are widespread. The company's ability to generate revenue stems from both its Software Products and Services and its Managed Services. This dual revenue stream underscores Veritone's strategic approach to market penetration and growth.
Veritone has garnered significant recognition in the industry, evidenced by accolades such as the Red Herring Top 100 Award, the Edison Awards, and the SIIA Business Technology CODiE Award for Best Native Advertising Platform or Service. These honors highlight the company's commitment to innovation and excellence in AI technology.
Recent developments at Veritone include ongoing enhancements to its aiWARE platform, expanding its capabilities to provide even more profound and actionable intelligence from multimedia data. The company's continuous improvement efforts ensure that it remains at the forefront of the AI industry, delivering cutting-edge solutions to its clients worldwide.
Veritone (NASDAQ: VERI) has announced a partnership with Alan Smith, a renowned sports commentator, to utilize AI voice technology for covering prestigious football tournaments. This collaboration combines Veritone’s synthetic voice capabilities with Stats Perform’s Opta sports data, enabling real-time sports commentary in multiple languages. Through this innovation, fans can access personalized, engaging game updates, enhancing their viewing experience. Veritone also launched SPORTX, an intelligent marketplace for short-form sports videos, expanding its reach in the sports sector.
Veritone, Inc. (NASDAQ: VERI) has partnered with OR Media, a British production company, to launch Orchard Clips, a clip-licensing business. Utilizing Veritone's AI-powered Digital Media Hub, OR Media aims to enhance access to high-quality archival footage for broadcasters in English and Arabic. The collaboration is expected to activate dormant assets and generate new revenue opportunities. Veritone's platform will now also be available in Arabic, catering to the Middle Eastern market, which is pivotal given the region's growing demand for quality video content.
Veritone, Inc. (NASDAQ: VERI) reported a robust Q3 2022 with revenue soaring 64% year-over-year to $37.2 million. Driven by a significant 131% surge in Software Products & Services, and a 20% increase in Managed Services, new bookings skyrocketed 393% to $16.5 million. Despite a GAAP net loss of $4.9 million, a substantial decline from $11.5 million the prior year, cash reserves grew to $196.1 million. Ryan Steelberg will become CEO on January 1, 2023, as Chad Steelberg transitions to Chairman of the Board.
Veritone, Inc. (NASDAQ: VERI) has entered a strategic master reseller agreement with Deloitte to enhance its AI practice, expanding their existing eDiscovery-focused partnership. This agreement allows Deloitte to leverage Veritone's aiWARE platform for managing vast amounts of structured and unstructured data. The integration aims to improve capabilities in managing audio, video, and text data efficiently, facilitating rapid access to AI models and enhancing clients' AI transformation journeys.
Veritone, Inc (NASDAQ: VERI) reported an 80% surge in the adoption of its Veritone Contact application among California law enforcement agencies in 2022. This growth stems from the implementation of the California AB 953 Racial and Identity Profiling Act, enhancing transparency and efficiency in data collection. Estimated annual savings include 300,000 hours in data collection and $30 million in officer time. Agencies report up to 75% more efficiency compared to previous solutions.
Veritone has launched SPORT X, an intelligent marketplace designed for sports federations and content producers to license short-form sports videos directly to media buyers. Initially available in the EMEA region, SPORT X aims to enhance revenue streams and visibility for sports rights holders like ATP Media, Euroleague Basketball, and Extreme E. The platform uses aiWARE for efficient content delivery and analytics, with no upfront fees for federations. This initiative complements Veritone's recent AI-voice partnership with Stats Perform.
Kyro Digital has partnered with Veritone to launch a full-stack platform for blockchain applications, enabling enterprise clients to create and deploy Web3 business applications. The collaboration includes launching a marketplace featuring NFTs from Olympic athlete Cody Miller, offering unique utilities for fans. With Kyro's technology, Veritone clients can build and manage white-label marketplaces and streamline their blockchain solutions. This partnership aims to support revenue diversification and enhance client monetization opportunities through NFTs.
Veritone, Inc. (NASDAQ: VERI), a leader in enterprise AI solutions, announced its participation in four investor conferences. Key events include the Stifel Midwest One-on-One Growth Conference in Chicago on November 10, 2022, and the Needham 4th Annual Virtual Big Data and Infrastructure Conference, featuring a fireside chat with President Ryan Steelberg on November 16, 2022. Additionally, Veritone will attend the Roth 11th Annual Technology Event and the UBS Global TMT Conference, both in New York City. For more information, visit Veritone's investor relations website.
Veritone, Inc. (NASDAQ: VERI) has launched Veritone Tracker, an AI-powered solution that enhances video evidence processing in various sectors, including public safety and commercial enterprises. This innovative technology utilizes confidence-based similarity detection to monitor individuals and objects without compromising privacy through facial recognition. The Tracker integrates technology from Vision Semantics Ltd., allowing for more efficient investigative efforts by creating timelines from video footage and offering insights into individuals' activities.
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