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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 (NASDAQ: VERI) has launched Veriverse, a suite of AI-driven solutions designed to assist content IP owners in navigating the metaverse. This initiative aims to create new revenue opportunities by integrating traditional media and immersive environments. Veriverse includes tools like Veritone Voice, Veritone Avatar, Veritone NFT, and Veritone Verify, enhancing brand continuity and identity protection. Industry reports suggest the metaverse could represent a market opportunity worth $8 to $13 trillion by 2030, highlighting the potential for significant returns.
Veritone, Inc. (NASDAQ: VERI) has partnered with OOONA to enhance media localization services for Silver Trak Digital. This collaboration integrates Veritone Voice's synthetic voice capabilities into OOONA's platform, enabling seamless scripting for audio descriptions, especially beneficial for visually impaired audiences. The global localization software market is expected to reach $5.51 billion by 2028. Veritone’s AI-driven solutions offer robust features for multi-language workflows, potentially streamlining operations and reducing project turnaround times for service providers.
Veritone, Inc. (NASDAQ: VERI) announced a conference call scheduled for May 3, 2022, at 4:30 p.m. ET to discuss its first quarter 2022 financial results. The call will also provide an update on the company’s business operations and include a Q&A session. Participants can preregister for the call or access it via a live audio webcast. Veritone is recognized for its aiWARE platform, which enhances digital migration and decision-making for organizations across various sectors.
Veritone, Inc. (Nasdaq: VERI), a leader in AI technology, has appointed a new senior leadership team member and granted him equity awards under the Inducement Grant Plan. The awards include options to purchase 60,000 shares at an exercise price of $13.22 and restricted stock units for 30,000 shares. The stock options vest over four years while the restricted stock units vest over two years, subject to the new employee's continuous employment. This strategic hire is part of Veritone's ongoing commitment to enhancing its AI capabilities.
Veritone announces a collaboration with EMPA GmbH and SPORTTOTAL LIVE GmbH for AI-enhanced video services at the 50th ADAC TotalEnergies 24h Race in Germany from May 26 to 29, 2022. The partnership aims to optimize video content management through Veritone Digital Media Hub, facilitating easier access to vast amounts of footage and improving stakeholder engagement. The event, known for its intense competition, demands advanced processing and tagging of video for efficient searchability. This initiative is expected to streamline workflows while enhancing content sharing and production efficiency.
Veritone (NASDAQ: VERI) showcased its innovative Veritone Voice, a multilingual synthetic voice technology, during its fourth quarter and full year 2021 earnings call. The call featured digitally cloned voices including that of the legendary Vin Scully. This technology, part of a rapidly growing $14.8 billion market estimated to reach $36 billion by 2025, allows for efficient content production across various industries. Veritone Voice enhances the quality and speed of synthetic content creation, facilitating broad application across media and enterprise sectors.
Veritone, Inc. (NASDAQ: VERI) announced its partnership with Competitive Power Ventures (CPV) to provide advanced energy price forecasting using its aiWARE platform. The solution, known as intelligent distributed energy resource management solution (iDERMS), aims to enhance CPV's competitiveness in the wholesale energy market. By improving forecasting accuracy, CPV can make informed decisions related to power generation, which is vital for modernizing the power grid while ensuring reliability and environmental responsibility.
Veritone, Inc. (NASDAQ: VERI) reported a record Q4 2021 revenue of $55.1 million, a 230% increase year-over-year, and full-year revenue of $115.3 million, up 99%. The company achieved its first positive non-GAAP net income of $6.8 million. Customer growth rose by 47% with 529 software customers. Despite a GAAP net loss of $70.6 million for the year, Veritone ended 2021 with $255 million in cash. The outlook for 2022 forecasts revenue growth of over 60%, projecting $180 million to $190 million. Veritone is well-positioned for future investments in AI capabilities.
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