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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, Inc. (NASDAQ: VERI) has announced the hiring of seven individuals for its synthetic voice solution business. As part of their employment, the Board of Directors granted equity awards including stock options for a total of 19,500 shares and restricted stock units for 32,425 shares. The stock options have a ten-year term with an exercise price of $6.61 per share and vest over four years. The restricted stock units vest over two years. The new hires are not executive officers, indicating a focus on enhancing operational capabilities in AI solutions.
Veritone, Inc. (NASDAQ: VERI) has acquired VocaliD, Inc., enhancing its Veritone Voice offerings for commercial enterprises. This acquisition allows Veritone to manage the entire voice creation lifecycle, integrating VocaliD's robust voice models and technology. The partnership aims to create a synthetic voice model of Walter Cronkite for educational projects. With this acquisition, Veritone expands its addressable market and enhances client services by offering more sophisticated voice solutions.
Veritone (NASDAQ: VERI) announces its sponsorship of the Snowflake Summit 2022 in Las Vegas from June 13 to 16. This event focuses on data collaboration, showcasing innovations in the Snowflake Data Cloud. Veritone's aiWARE platform integrates with Snowflake, enabling users to analyze unstructured data like video and audio. The partnership aims to enhance decision-making and accelerate product development for enterprises. Key speakers and sessions at the summit will further emphasize the capabilities of data collaboration.
Veritone, Inc. (NASDAQ: VERI) announced participation in several conferences in
Veritone (NASDAQ: VERI), a leader in AI software, has launched its new application, Navigate, designed to enhance influencer marketing and media planning for its full-service agency, Veritone One. Navigate automates analysis and provides insights by aggregating billions of data points from 30,000 shows. This innovative tool aims to drive client ROI through improved ad performance evaluation and media optimization, enabling media planners to make data-driven decisions rapidly. Veritone One currently executes over 80,000 ad integrations monthly, indicating its significant impact on the advertising sector.
Veritone, Inc. (NASDAQ: VERI) has expanded its partnership with the United States Golf Association (USGA) to enhance its content licensing business. The deal extends an existing championship video archival agreement to include programmatic licensing of USGA's extensive video archive. This collaboration aims to make more unique video and photos available globally for various creative projects, including documentaries and immersive digital experiences. The initiative leverages Veritone's AI solutions for efficient content delivery.
Veritone reported strong Q1 2022 results with GAAP revenue of $34.4 million, an 88% increase year-over-year, and Pro Forma revenue rising 45%. Software revenue surged 288% to $18.2 million, while SaaS customers grew by 45% to 559. New bookings reached $9.6 million, a 292% increase. Despite a GAAP net loss of $28.4 million, cash reserves stood at $237.6 million. The company anticipates Q2 revenue between $38.0 million and $39.0 million, projecting full-year revenue of $180.0 million to $190.0 million.
Veritone (NASDAQ: VERI) has partnered with Google Cloud to implement its aiWARE platform for Globo, Brazil's leading media company, enhancing the management of over 2,800 hours of annual sports content. This collaboration allows Globo to automate search and discovery of digital media, improving operational efficiency and creating a contextual data layer for rights-held assets. Veritone’s technology will facilitate advanced metadata generation, combining video and image recognition, transcription, and more, streamlining content accessibility and supporting Globo’s recent three-year deal with the Brazilian Football Confederation.
Veritone, Inc. (NASDAQ: VERI) announced that its intelligent Distributed Energy Resource Management Solution (iDERMS) was selected by Marubeni Corporation for a pilot project in the California Independent System Operator (CAISO) SP-15 region. This solution offers price, demand, and generation forecasts, enabling Marubeni to optimize its energy operations. By improving forecasting accuracy, Marubeni aims to enhance its competitive position in the wholesale electricity market and support power grid resilience. Veritone's iDERMS utilizes AI to transform energy ecosystems by optimizing and controlling distributed energy resources.
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