Veritone Expands its Approved Applications with the Executive Office of the U.S. Attorneys

Rhea-AI Summary

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.

Positive

• Expanded Authorization to Operate (ATO) with the Executive Office of the U.S. Attorneys
• $15 million Blanket Purchase Agreement with the Department of Justice
• Addition of Illuminate, Track, Redact, and Automate Studio solutions to existing aiWARE™ for Relativity integration
• Increased contract value from $200,000 in 2019 to $15 million in 2023
• Deployment of solutions with other DOJ agencies, including National Security Division and Antitrust Division

Negative

• None.

Government Technology Analyst

This expansion of Veritone's Authorization to Operate (ATO) with the EOUSA is a significant development for the company's public sector business. The inclusion of Illuminate, Track, Redact and Automate Studio solutions demonstrates increased trust and adoption of Veritone's AI technologies within the Department of Justice.

The expansion from a $200,000 IDIQ contract in 2019 to a $15 million Blanket Purchase Agreement (BPA) last year indicates substantial growth potential for Veritone in the government sector. This trend aligns with Gartner's prediction that 70% of government agencies will use AI to enhance decision-making by 2026, positioning Veritone favorably in this growing market.

However, investors should note that government contracts can be subject to budget fluctuations and political changes. The expanded ATO doesn't guarantee immediate revenue but does provide Veritone with a competitive advantage in securing future contracts within the DOJ and potentially other government agencies.

AI and Machine Learning Specialist

Veritone's expanded ATO showcases the versatility and robustness of their AI solutions. The inclusion of Illuminate for data analysis, Track for surveillance without PII, Redact for information protection and Automate Studio for workflow optimization demonstrates a comprehensive AI ecosystem tailored for legal and investigative processes.

The adoption of these tools by the EOUSA signifies a growing acceptance of AI in sensitive government operations. This could serve as a catalyst for wider adoption across other government agencies, potentially opening up new market opportunities for Veritone.

However, the AI landscape is highly competitive and Veritone must continuously innovate to maintain its edge. The company's ability to secure FedRAMP approval for these solutions is a significant advantage, but they must stay ahead of emerging technologies and potential new entrants in the government AI space.

Legal Technology Expert

The expansion of Veritone's ATO with the EOUSA is a testament to the effectiveness of their AI solutions in legal processes. The adoption of Illuminate, Track, Redact and Automate Studio alongside the existing aiWARE for Relativity integration suggests a holistic approach to digital evidence management and eDiscovery.

This comprehensive suite of tools has the potential to significantly enhance efficiency in U.S. Attorneys' offices, particularly in handling the growing volume of unstructured audio and video data. The ability to analyze data faster, track persons of interest without compromising privacy and automate workflows could lead to more effective prosecutions and investigations.

For Veritone, this expanded adoption within the DOJ could serve as a powerful reference for other legal entities, both in the public and private sectors. However, the company must ensure ongoing compliance with stringent government security standards and demonstrate measurable productivity increases to maintain and grow its position in this market.

Department of Justice division adds Veritone’s Illuminate, Track, Redact and Automate Studio solutions to its existing use of aiWARE™ for Relativity

DENVER--(BUSINESS WIRE)-- Veritone, Inc. (NASDAQ: VERI), a leader in building human-centered enterprise AI solutions, today announced the expansion of its Authorization to Operate (ATO) with the Executive Office of the U.S. Attorneys (EOUSA), a subagency of the Department of Justice (DOJ) representing the federal government in court. The ATO now includes Veritone's Illuminate, Track, Redact – components of Veritone’s Intelligent Digital Evidence Management System (iDEMS) – and Automate Studio, in addition to its current aiWARE™ for Relativity integration. The expanded ATO follows Veritone’s Blanket Purchase Agreement (BPA) with the DOJ valued at $15 million issued last year.

The EOUSA, responsible for supporting the operations of the 94 U.S. Attorneys' court districts nationwide, initially adopted Veritone’s aiWARE for Relativity to enhance their eDiscovery and legal review processes in 2019. With this expanded contract, the EOUSA will be able to leverage Veritone Illuminate to accelerate data analysis, Veritone Track to track vehicle(s) and person(s) of interest without the use of personal identifiable information (PII) for criminal investigations and legal matters, Veritone Redact to help ensure sensitive information is protected and Veritone Automate Studio to streamline workflow processes. All of these solutions are readily available to U.S. Attorneys’ offices through the FedRAMP Marketplace.

"We are honored to deepen our partnership with the Executive Office of the U.S. Attorneys, Veritone’s original sponsor with the Department of Justice," said Jon Gacek, general manager, Public Sector, Veritone. "The expanded authorization of Veritone solutions comes at a time when agencies are grappling with a growing volume of unstructured audio and video data, and our tools play a pivotal role to automate workflows and supercharge their teams with AI technology.”

According to the Gartner® Top Technology Trends in Government for 2024 (published March 20, 2024) predictions, “By 2026, more than 70% of government agencies will use AI to enhance human administrative decision making and will measure the productivity increases achieved that way.”*

Gacek added, “The $15 million BPA secured by Veritone last year, a substantial increase from the original EOUSA IDIQ contract agreement of $200,000 in 2019, underscores the growing opportunity for Veritone solutions in the DOJ. Business case requirements in the public sector are exceptionally stringent, so the expanded agreement validates the robust and secure solutions we provide and highlights our commitment to supporting critical government operations. This partnership reinforces Veritone’s role in driving innovation and efficiency within the DOJ and other public sector agencies.”

In addition to the EOUSA, Veritone has ATOs and solutions deployed with other DOJ agencies, including the National Security Division, Antitrust Division, the Bureau of Prisons and the Environmental Protection Agency.

For more information about Veritone’s public sector offerings, visit: https://www.veritone.com/solutions/public-sector/

*GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

About Veritone

Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone’s software and services empower individuals at the world’s largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.

Safe Harbor Statement

This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806332733/en/

Media Contact:

Valerie Christopherson or Lora Metzner

Global Results Comms (GRC)

+1 949 608 0276

Veritone@globalresultspr.com

Sarah Rich

Veritone

srich@veritone.com

Source: Veritone, Inc.

FAQ

What new Veritone solutions did the EOUSA add to its Authorization to Operate?

The EOUSA added Veritone's Illuminate, Track, Redact, and Automate Studio solutions to its existing Authorization to Operate, which already included aiWARE™ for Relativity.

What is the value of Veritone's Blanket Purchase Agreement with the DOJ?

Veritone's Blanket Purchase Agreement with the Department of Justice is valued at $15 million, issued in 2023.

How will the EOUSA use Veritone's Track solution?

The EOUSA will use Veritone Track to track vehicles and persons of interest without using personal identifiable information (PII) for criminal investigations and legal matters.

What was the original contract value between Veritone (VERI) and the EOUSA in 2019?

The original EOUSA IDIQ contract agreement with Veritone (VERI) in 2019 was valued at $200,000.