Veritone Inc (VERI)

History and Background

Veritone, Inc. was founded in 2014 and is headquartered in Irvine, California. It develops artificial intelligence (AI) computing solutions.

Core Business Areas

• aiWARE Platform: Veritone's flagship platform that provides a suite of AI models and applications for various industries.
• Digital Media Licensing: Represents and licenses content to media outlets, advertising agencies, and production companies through its Veritone Licensing subsidiary. Also contains content from legacy acquisition of WestwoodOne.
• Managed Services: Provides AI-powered solutions and managed services tailored for legal, compliance, and media workflows.

Leadership and Structure

Chad Steelberg and Ryan Steelberg are co-founders. Chad Steelberg serves as Chairman and CEO. The company has a board of directors and various executive management positions overseeing different departments.

Key Offerings

• Digital Media Licensing: Veritone's Digital Media Licensing segment represents a catalog of content for licensing purposes. While specific market share data is difficult to ascertain, competitors include large stock media providers like Getty Images and Shutterstock.
• aiWARE Platform: aiWARE is Veritone's AI operating system that orchestrates a diverse ecosystem of AI models to power automated workflows and derive actionable insights. While specific market share data is difficult to ascertain, competitors include AWS AI services, Google Cloud AI Platform, and Microsoft Azure AI. Veritone also has a partnership with NVIDIA.
• Veritone Attribute: A SaaS-based product that provides near real-time insights into broadcast advertising campaign effectiveness. Competitors are traditional marketing mix modeling and attribution platforms as well as other broadcast attribution solutions.
• Veritone Automate Studio: A low-code workflow designer that enables users to easily build and deploy AI-powered automation solutions.
• Veritone Tracker: A Media monitoring tool to track mentions in broadcast, podcast, online media. Competitors include Meltwater, Critical Mention and Cision.

Industry Overview

The AI market is rapidly growing, with increasing adoption across industries. Key trends include the rise of cloud-based AI, edge computing, and the development of specialized AI solutions for specific applications.

Positioning

Veritone positions itself as an AI platform provider that helps organizations leverage AI to automate workflows, gain insights, and improve decision-making. They differentiate themselves through their aiWARE platform's open architecture and ecosystem of AI models.

Total Addressable Market (TAM)

The global AI market is expected to reach trillions of dollars in the coming years. Veritone's positioning in key segments, such as media and entertainment, legal and compliance, and government, provides access to a significant portion of this TAM.

Key Competitors

• AMZN
• GOOGL
• MSFT
• IBM

Competitive Landscape

Veritone faces stiff competition from larger, well-funded tech companies. However, it differentiates itself through its aiWARE platform's open architecture and ecosystem of AI models, as well as its focus on specific industry verticals.

Machine Box

• Year: 2018
• Acquisition Price (USD millions): 2
• Strategic Rationale: Machine Box provides a suite of containerized AI models that can be deployed on-premise or in the cloud, which broadened Veritone's AI capabilities.

Atribyte

• Year: 2017
• Acquisition Price (USD millions): 1.5
• Strategic Rationale: Atribyte provides tools for near real time insights into broadcast advertising campaign effectiveness.

WestwoodOne

• Year: 2015
• Acquisition Price (USD millions): 33
• Strategic Rationale: WestwoodOne, a radio network company. Veritone intended to use WestwoodOne's infrastructure and content to develop its own digital media and advertising platforms. The company was later sold off as it moved into other AI verticals.

Historical Growth: Veritone's historical growth has been driven by the increasing adoption of its aiWARE platform and expansion into new markets.

Future Projections: Future growth depends on the company's ability to execute its strategic initiatives and capitalize on the growing demand for AI solutions. Analyst estimates vary, but generally project continued revenue growth.

Recent Initiatives: Recent initiatives include expanding its aiWARE ecosystem, forming strategic partnerships, and launching new AI-powered solutions.

Veritone is a company focused on providing artificial intelligence solutions, with its aiWARE platform being a key offering. While facing competition from larger players, Veritone leverages its platform and partnerships for growth. Profitability has been a past challenge, and the company needs to continue executing its strategic initiatives to capitalize on market demand. Veritone has made strategic acquisitions and divestitures in the past to refine focus.

• AMZN
• GOOGL
• MSFT
• PATH
• UI
• ABBY

Data Sources:

• SEC Filings
• Company Website
• Analyst Reports
• Press Releases

Disclaimers:

This analysis is for informational purposes only and should not be considered financial advice. Investment decisions should be based on thorough research and consultation with a qualified financial advisor. Market share estimates are approximate and based on available information. This analysis is performed using publicly available information as of the current date and is subject to change.