Veritone, Inc. (VERI): history, ownership, mission, how it works & makes money

A Brief History of Veritone, Inc. (VERI)

Foundation and Early Years

Veritone, Inc. was founded in 2014 by Chad Steelberg and Ryan Steelberg. Initially headquartered in Costa Mesa, California, the company aimed to provide a platform for artificial intelligence and machine learning applications.

Initial Public Offering (IPO)

On May 12, 2017, Veritone went public, trading under the ticker symbol VERI on the NASDAQ. The IPO raised approximately $50 million, with shares priced at $18 per share.

Technological Developments

Veritone developed aiWARE, an operating system designed to facilitate AI-based workflows across various industries. The platform integrates various AI models, aiding in media and entertainment, government, legal, and advertising sectors.

Key Partnerships

Throughout its history, Veritone has established multiple partnerships:

• In 2019, Veritone partnered with the U.S. Department of Justice to enhance audio analysis capabilities.
• In 2020, a partnership with iHeartMedia enabled advanced analytics for radio advertising.

Financial Performance

As of Q2 2023, Veritone reported revenues of $25.8 million, a 14% increase compared to the same quarter in 2022. The gross profit during this period was approximately $8.5 million, indicating a gross margin of around 33%.

Market Position and Growth

As of October 2023, Veritone's market capitalization stands at approximately $330 million. The company has a diversified revenue model, with segments including:

Recent Developments

In 2023, Veritone launched enhancements to its aiWARE platform, introducing new features for real-time transcription and sentiment analysis. The company also expanded its workforce, increasing employee headcount to over 300 employees.

Stock Performance

As of October 2023, Veritone's stock price is approximately $6.50, showing a year-to-date increase of 30%. The company has faced volatility in its stock price, with a 52-week range of $3.00 to $9.50.

Strategic Focus

Veritone aims to enhance its AI solutions, focusing on developing partnerships within the media sector, improving its core technology, and expanding internationally. The company anticipates further revenue growth driven by the increasing demand for AI-driven analytics.

A Who Owns Veritone, Inc. (VERI)

Stock Ownership Structure

Veritone, Inc. (VERI) has a diverse ownership structure comprising institutional investors, retail investors, and insiders. As of the latest reporting period, the following statistics highlight the ownership composition:

Top Institutional Investors

The institutional ownership of Veritone is significant and reflects confidence in the company's future. Notable institutional shareholders include:

Insider Ownership Statistics

Insider ownership can be a strong indicator of management's confidence in the company. Below are the details of key insiders:

Recent Stock Performance

The market performance of Veritone, Inc. provides insight into investor sentiment. Below are recent statistics:

Recent Changes in Ownership

Significant changes in ownership can affect stock performance. The latest changes include:

• Institutional ownership increased by 5% in the last quarter.
• Insider buying observed in the past six months, with the CEO purchasing additional shares.
• Retail investor interest surged following a recent product launch announcement.

Conclusion on Ownership Dynamics

The ownership structure of Veritone, Inc. illustrates a balanced mix of institutional, retail, and insider stakeholders. This composition is crucial for understanding the market dynamics and potential influences on the company's strategic direction.

Veritone, Inc. (VERI) Mission Statement

Core Mission

The mission statement of Veritone, Inc. is centered around the organization’s commitment to harnessing the power of artificial intelligence (AI) to transform the way organizations leverage their data. Veritone aims to empower clients by providing tools and solutions that unlock the full potential of unstructured data, facilitating better decision-making and improved operational efficiency.

Strategic Objectives

• Develop AI-driven solutions that enhance data analysis and interpretation.
• Facilitate the integration of AI technologies into various industries.
• Provide robust support for clients through innovative software platforms.
• Maintain a focus on ethical AI practices and governance.

Financial Overview

As of the latest financial reports, Veritone posted the following key financial metrics:

Market Position

Veritone operates in the AI and media space, focusing on solutions for industries such as:

• Media and entertainment
• Government and law enforcement
• Advertising and marketing
• Energy and utilities

Strategic Partnerships

Veritone has established partnerships with various organizations to enhance the distribution and effectiveness of its AI solutions. Notable collaborations include:

Innovation and Development

Veritone invests significantly in research and development to drive innovation in AI technologies:

Commitment to Sustainability

Veritone is committed to sustainable practices, aiming to reduce its environmental impact through:

• Energy-efficient data centers
• Promotion of remote work for reduced commuting emissions
• Implementation of responsible AI initiatives

Future Vision

The future vision of Veritone is to lead the AI revolution across multiple sectors, enhancing the capabilities of their clients while fostering an ecosystem of innovation, trust, and transparency in AI applications.

How Veritone, Inc. (VERI) Works

Company Overview

Veritone, Inc. operates as an artificial intelligence technology company, specializing in providing AI solutions that enable diverse applications across various sectors. The company primarily offers its services through its proprietary platform, aiWARE, which facilitates the processing and analysis of unstructured data.

Operational Model

The operational model of Veritone can be divided into the following key segments:

• AI Solutions
• Cloud Services
• Platform as a Service (PaaS)
• Data Management

Revenue Streams

In 2022, Veritone reported a revenue of approximately $67.4 million, indicating a growth of 25% from the previous year. The revenue composition includes:

Client Base

Veritone serves a diverse client base across industries such as media, government, and legal sectors. Notable clients include:

• Major Broadcast Networks
• Law Enforcement Agencies
• Public Sector Organizations

Market Position

As of Q2 2023, Veritone holds a market capitalization of approximately $420 million with a share price hovering around $7.20.

Technological Innovations

The company's ongoing innovations include developments in the following areas:

• Machine Learning
• Natural Language Processing
• Computer Vision

Financial Performance

Veritone's financial metrics for the last reported quarter (Q2 2023) include:

Recent Developments

In the first half of 2023, Veritone partnered with several organizations to enhance its AI capabilities, leading to the acquisition of new contracts and expanded service offerings.

Future Outlook

Veritone aims to increase its revenue by 30% in the upcoming fiscal year, focusing on the expansion of its AI solutions and strategic partnerships. The company is also investing in research and development, with a budget allocation of $15 million for AI advancements.

Challenges and Risks

Key challenges facing Veritone include:

• Market Competition
• Regulatory Compliance
• Rapid Technological Changes

Conclusion on Market Dynamics

Veritone operates within a dynamic market characterized by rapid changes in technology and customer needs, positioning itself as a leading provider of AI-driven solutions to address modern challenges faced by businesses across various sectors.

How Veritone, Inc. (VERI) Makes Money

Overview of Business Model

Veritone, Inc. operates primarily as a technology company specializing in artificial intelligence (AI) and data analytics. The company generates revenue through various channels, including software licensing, professional services, and subscription fees.

Key Revenue Streams

1. Software as a Service (SaaS)

The SaaS model is a significant contributor to Veritone's revenue. As of the latest fiscal year, the company reported annual recurring revenue (ARR) of approximately $32.1 million.

2. Professional Services

Veritone provides a range of services to clients, including custom AI solution development and consulting. For the fiscal year ended December 31, 2022, the revenue from professional services was approximately $14.5 million.

3. Advertising and Media Solutions

Through its AI-driven advertising solutions, Veritone helps clients optimize ad spend across multiple platforms. In Q2 2023, revenue from this segment reached $12.3 million.

4. Analytics and Insights

The company offers analytics solutions that provide valuable insights to businesses. This segment generated approximately $9 million in revenue for the fiscal year 2022.

5. Partnerships and Collaborations

Veritone has established various partnerships that contribute to their revenues. Collaborations with media companies and other tech firms have resulted in an estimated $7.8 million from partnership agreements in 2022.

Financial Performance

Veritone's total revenue for the fiscal year 2022 was approximately $63.7 million, reflecting a 29% year-over-year growth compared to 2021.

Recent Developments

In 2023, Veritone announced strategic agreements with leading firms in various sectors. These partnerships are expected to yield an additional $15 million in expected revenues across the next two fiscal years.

Market Position and Competition

Veritone competes with several companies in the AI and analytics space. The total addressable market (TAM) for their services is estimated to be around $23 billion, with Veritone aiming to capture a larger share over the coming years.

Investment and Growth

Veritone has attracted significant investment over the years, raising approximately $200 million through various funding rounds since its inception. This capital is being utilized to enhance product offerings and expand into new markets.

Conclusion on Financial Sustainability

With its diversified revenue streams and strategic initiatives, Veritone aims to continue its growth trajectory and improve financial performance over the coming years.