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Description
Veritone is an artificial intelligence tech company based in Costa Mesa, California founded in 2014. Veritone's aiWARE technology and solutions[buzzword] are licensed and utilized by such industries as global media conglomerates, professional sports teams, federal government agencies, energy utilities, and state and local police departments. Veritone services more than 1,500 customers around the world. It is traded on NASDAQ Global Market as VERI.
The company’s products and services are used by its wholly owned subsidiaries: advertising agency Veritone One and Veritone Digital, which provides content management solutions and licensing services. Its proprietary operating system, aiWARE, is deployed across more than 2,000 customers, including police agencies, state and local district attorney offices, media conglomerates, radio and TV stations, and movie studios.
In addition to the company's Costa Mesa office, they have offices in San Diego, California, Denver, Colorado, Binghamton, New York, New York City, Washington, D.C., and London, England.
Chad Steelberg is Veritone’s Chairman of the Board and CEO. His brother, Ryan Steelberg, is the company's president.
History
The company was founded in 2014.
In 2017 the company acquired Atigeo Corporation. The company IPOed on May 12, 2017. Their losses were $59.6 million that year.
In 2018 the company acquired Machine Box (for $4.5 million), Wazee Digital (for $12.6 million), Performance Bridge (for $9.1 million), and S Media Limited. The company reported $27 million in revenue, with losses of $61.1 million.
In 2019 the company's advertising arm placed more than $200 million in ads for their clients, including 1-800-FLOWERS.com, Audible, DraftKings, HelloFresh, LinkedIn, SimpliSafe, and Uber. As of February 2020 the company had 277 employees. The company reported $50 million in revenue, with losses of $62.1 million.
In April 2020, the company received a $6.5 million in federally backed small business loans from Sunwest Bank as part of the Paycheck Protection Program. The company received scrutiny over this loan, which meant to protect small and private businesses. Washington Post noted the high compensation to the Steelberg brothers.
In May 2020 Veritone announced it would return the full $6.5 million loan and issued a statement that it had "adequate financial flexibility and additional avenues to maintain our capital position."
