Leading Patent Experts Back Revolutionary
Audio and Video Analytics Technology Powered by Artificial
Intelligence
Veritone, Inc., the leading cloud-based Artificial Intelligence
(“AI”) media technology company pioneering the world’s first
Cognitive Media Platform™ (CMP), announced today that it has signed
a funding agreement with leading patent investment group, Acacia
Research Corporation (NASDAQ: ACTG), for up to $50 million in
working capital. The funding is structured as an initial $20
million convertible investment, with a contingent additional
investment of $30 million based on Veritone’s achievement of set
milestones, for a total investment consideration of $50
million.
Veritone will use the capital proceeds to expand its global
footprint as the leading AI analytics, search and predictive
solution for media firms, corporate enterprise, political campaigns
and government. Veritone’s first-of-its-kind AI platform renders
every second and frame of audio and video content searchable for
objects, faces, license plates, logos, phrases, sentiment, voice
identification, translation plus additional capabilities that are
constantly evolving.
Ninety percent of all of the world’s data has been created in
the past two years (SINTEF) with the explosion of mobile and
digital capabilities, 80 percent of which is unstructured and
unsearchable (Gartner). Veritone’s advanced platform enables
unprecedented insight into the fastest growing segment of the
world’s data (audio and video) to provide global decision makers
with actionable intelligence that was previously impossible or
impractical to extract. With the AI market expected to exceed $70
billion by 2020 (BAML) and growing at an explosive rate of 54
percent over the next five years (Marketsandmarkets.com), Veritone
is uniquely positioned to reap the benefits from the rapid adoption
of AI-powered solutions.
As the industry leader in patent licensing, Acacia Research
Corporation has evaluated more technologies than nearly anyone in
the space. “Veritone is led by an impressive and proven management
team and is developing one of the most exciting and promising
technology platforms that our team has ever seen,” stated Louis
Graziadio, Executive Chairman of Acacia. Veritone’s groundbreaking
platform is redefining the future of AI across industries by
enabling a myriad of intelligent cognitive engines that collaborate
to analyze audio and video media. “It is estimated that 50 percent
of business solutions will incorporate predictive analytics
computing functionality by 2020, and we are looking forward to
developing strategies with Veritone to expand their global reach,”
continued Graziadio, who has joined the Veritone Board as part of
the partnership.
“This funding from our partner, Acacia Research Corporation,
validates Veritone’s leadership position in the explosive growth of
AI, machine learning and analytics technologies worldwide. It will
enable us to expand and enhance our Cognitive Media Platform™ to
meet the insatiable intelligence demand of our clients. We are
driving AI to the next logical level, creating a constantly
evolving and super intelligent platform that can be used globally
to solve both new and systemic problems,” said Veritone Executive
Chairman and CEO Chad Steelberg. “Our mission to transform the
world’s media and information into actionable intelligence
is a simple notion with profound implications.”
Recently recognized with the prestigious 2016 Red Herring Top
100 North America Award and the 2016 SIIA Business Technology CODiE
Award. Veritone has scaled dramatically over the past two years,
having recently surpassed three million hours of audio and video
processed through its CMP™. Veritone’s proprietary technology is
protected by nearly 90 issued and pending patents and operates
seamlessly across leading cloud infrastructures. The company
currently provides software-as-a-service (SaaS) solutions across
entities that leverage audio and video media in advertising,
sports, retail, politics, legal, law enforcement, corporate
security and government with a growing list of industries making
inquiries as to how they can leverage Veritone’s CMP™ to optimize
their businesses. Current clients and partners range from small
firms to Fortune 100 companies including Microsoft, Uber, ESPN
Radio, Nuance, Westwood One, LegalZoom, Spark Agency, Taco Bell,
the Republican National Committee and Dollar Shave Club.
“Radio reaches more consumers than any other media, and at
Westwood One, we’re committed to delivering the most engaging and
relevant sports, news/talk, music and entertainment content on any
device and across platforms,” stated Charles Steinhauer, Westwood
One Chief Operating Officer. “Veritone’s revolutionary Cognitive
Media Platform™ provides real-time indexing and media analytics
that deliver a superlative experience for both our consumers and
advertisers.”
Chad Steelberg, and his brother Ryan Steelberg, co-founder and
President of Veritone, are visionary serial entrepreneurs who have
built several highly successful internet software companies
including AdForce, the world’s largest publicly traded centralized
independent ad-serving solution and recipient of the Smithsonian
Award for Best Technology, as well as dMarc Broadcasting, the
largest centralized radio advertising network, acquired by Google
in 2006.
“Our deep media roots set us apart from others in the AI
community,” said Ryan Steelberg. “Our extensive history and
successful track record developing scalable and impactful
advertising platforms, spanning offline and online, makes us a
powerful force. It was a natural evolution for us to develop an
analytics platform for media that integrates the vast capabilities
of AI. In the audio and video space alone, our platform connects
advertisers to the vast ecosystem of broadcast and digital
influencers creating effective and accountable branded content and
integrated campaigns. Veritone Media clients have experienced the
impact of this technology, and we have only just begun to scratch
the surface as this space is growing exponentially.”
About Veritone, Inc.
Headquartered in Newport Beach, California, Veritone, Inc. is
the leading cloud-based Artificial Intelligence media technology
company pioneering the world’s first Cognitive Media Platform™
(CMP), a cloud-based ecosystem that enables media, enterprise,
politics, corporate security and government to extract value from
the intelligence embedded in the world’s public and private media
audio and video content, which comprises the vast majority of all
global data produced each year. Founded in 2014, Veritone has
already won several of the industry’s most prestigious awards
including the 2016 Red Herring Top 100 North America Award and the
2016 SIIA Business Technology CODiE Award for Best Native
Advertising Platform or Service. Veritone was founded by serial
entrepreneurs and brothers, Chad and Ryan Steelberg. The duo have a
successful track record in identifying new market opportunities,
creating disruptive technology-based companies and leading them to
successful exits for their stakeholders. To learn more about how
Veritone seeds the cloud visit www.veritone.com.
About Acacia Research Corporation
Founded in 1993, Acacia Research Corporation (NASDAQ: ACTG) is
the industry leader in patent licensing. An intermediary in the
patent marketplace, Acacia partners with inventors and patent
owners to unlock the financial value in their patented inventions.
Acacia bridges the gap between invention and application,
facilitating efficiency and delivering monetary rewards to the
patent owner. For more information, visit:
http://acaciaresearch.com.
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