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) and Nuix (ASX: NXL) have announced a strategic partnership to combine their AI expertise in handling growing volumes of video and audio data. Veritone is integrating its AI-enabled redaction capabilities into Nuix's NEO Platform, offering a turn-key solution for investigations, eDiscovery, and compliance initiatives.
The partnership leverages Nuix's unified platform and Veritone's aiWARE ecosystem of 300+ AI models to process various types of evidentiary media files, including body-worn camera footage, car-dashcam video, and CCTV surveillance footage. This collaboration aims to help customers meet public records requests and judiciary deadlines while ensuring the removal of personally identifiable information.
Veritone (NASDAQ: VERI) has won the Netty Award for 'Best Use of AI for Accessibility' with its VocaliD technology. This groundbreaking AI-driven voice technology creates personalized synthetic voices for individuals with speech disabilities, enhancing communication accessibility for over 2 million Americans who rely on augmentative and alternative communication devices.
The technology has shown remarkable results, with clinicians and teachers reporting a 300% increase in communication participation among users. Veritone's commitment to AI for Good principles is evident in this achievement, as it empowers individuals to express themselves authentically and maintain independence.
With one of the world's largest voice datasets, Veritone's VocaliD has helped thousands feel heard and contributed to advancing the science of building expressive voices. This award underscores Veritone's dedication to improving lives through responsible AI use in accessibility and inclusivity.
Veritone, Inc. (NASDAQ: VERI) has announced the availability of its AI-powered media and entertainment solutions in AWS Marketplace. This integration allows customers to easily access, purchase, and deploy Veritone's award-winning AI solutions within the AWS cloud environment. The move is expected to unlock new opportunities for innovation, efficiency, scalability, monetization, and performance in AI initiatives.
Key solutions now available in AWS Marketplace include Veritone Digital Media Hub, Veritone Discovery, and Veritone Attribute. These tools cater to rights holders, rights owners, and content creators in the media, entertainment, and sports industries. The integration aligns with Veritone's recently announced three-year Strategic Collaboration Agreement with AWS and its advancement to Advanced Tier Services Partner status.
Veritone (NASDAQ: VERI) has secured a multi-year agreement with the NCAA to become its official global archive of record and exclusive worldwide footage agent for all NCAA championship content. This partnership leverages Veritone's AI-powered Digital Media Hub (DMH) platform to enhance the storage, management, and distribution of NCAA's extensive championship media assets across Divisions I, II, and III.
The collaboration aims to improve content accessibility for key stakeholders, including NCAA broadcast partners and member institutions. Veritone's licensing capabilities will enable the NCAA to monetize its championship content more effectively across various media verticals. The platform's AI-driven search functions will facilitate quick identification and licensing of relevant footage, meeting the growing demand for sports content while also managing social media content claiming and anti-piracy efforts.
Veritone (NASDAQ: VERI) released its Q2 2024 results, reporting total revenue of $31.0 million, up 11% from Q2 2023. The company achieved total new bookings of $14.0 million, a 67% increase year-over-year. However, the annual recurring revenue (ARR) decreased by 37% to $67.9 million, primarily due to a decline in consumption-based revenue.
Veritone experienced a loss from operations of $17.7 million, improving from a loss of $28.2 million in Q2 2023, thanks to increased revenue and reduced operating expenses. The non-GAAP net loss was $6.9 million, an improvement of 47% compared to Q2 2023.
The company highlighted its expanding public sector sales pipeline, exceeding $100 million, and its strategic initiatives, including a partnership with Amazon Web Services and plans to divest a non-software asset to raise substantial cash.
Veritone (NASDAQ: VERI) has signed a three-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to accelerate cloud-native enterprise AI and generative AI innovation for customers in media, entertainment, sports, talent acquisition, and public sectors. The partnership aims to help businesses overcome AI and cloud transformation challenges by offering scalable AI solutions integrated with robust cloud infrastructure.
Veritone's AI solutions, including Digital Media Hub and iDEMS, are powered by aiWARE™, an enterprise AI platform that processes multivariate data sources using hundreds of AI engines. aiWARE, enhanced by Amazon Bedrock, enables real-time processing and analysis for improved insights and efficiencies. Veritone also provides AI consulting services to support customers at any stage of their digital transformation journey.
Veritone (NASDAQ: VERI) has expanded its Authorization to Operate (ATO) with the Executive Office of the U.S. Attorneys (EOUSA), a Department of Justice subagency. The ATO now includes Veritone's Illuminate, Track, Redact, and Automate Studio solutions, in addition to the existing aiWARE™ for Relativity integration. This expansion follows a $15 million Blanket Purchase Agreement with the DOJ issued last year.
The EOUSA, which supports 94 U.S. Attorneys' court districts, will leverage these solutions to accelerate data analysis, track vehicles and persons of interest, protect sensitive information, and streamline workflows. This expanded partnership underscores Veritone's growing role in supporting critical government operations and driving innovation within the DOJ and other public sector agencies.
Veritone (NASDAQ: VERI) has appointed Gus Hunt, former CIA Chief Technology Officer, as an advisor for its public sector division. Hunt will provide strategic guidance to enhance Veritone's AI offerings for government and public sector clients, focusing on areas such as public safety, intelligence, and national security. His role includes advising on cybersecurity strategy and the development of AI-driven solutions tailored for public sector needs.
Hunt brings over three decades of experience in the intelligence community and was instrumental in driving technology innovation at the CIA. His expertise is expected to help Veritone better serve public sector clients and drive innovation in AI applications for critical government operations. This appointment aligns with Veritone's commitment to developing responsible and effective AI solutions for both commercial and public government sectors.
Veritone (NASDAQ: VERI), a leader in human-centered AI solutions, has announced its upcoming second quarter 2024 financial results conference call. The call is scheduled for Thursday, August 8, 2024, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). During the call, Veritone will discuss Q2 2024 results, provide a business update, and conduct a Q&A session.
Participants can join via audio webcast or dial in using the provided numbers. To avoid delays, pre-registration is recommended. Domestic callers can use (844) 750-4897, while international callers should dial (412) 317-5293. Pre-registered participants will receive a unique PIN upon registration.
Veritone (NASDAQ: VERI) has released an analysis of Q2 2024 U.S. Bureau of Labor Statistics (BLS) Jobs Data and AI job growth. The report shows that AI job growth and wages continue to outpace the general job market. Key findings include:
- Total nonfarm payroll employment increased by 532,000 in Q2
- U.S. unemployment rate rose to 4.1%
- Average hourly earnings increased by 0.9% to $35
- AI job vacancies increased by 5.6% from Q1 2024 and 31.5% year-over-year
- Median salary for AI jobs in Q2 2024 was $157,196, a 7.2% increase from the previous year
The top markets for AI job vacancies were California, New York, and Texas. The highest-paying AI job openings ranged from $272,000 to $450,000 annually.
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