The media technology company behind the Cognitive Media Platform has signed a funding agreement with patent investment group Acacia Research Corp. for up to $50 million in working capital.
Veritone will receive an initial $20 million convertible investment, with a contingent additional investment of $30 million based on Veritone’s achievement of set milestones.
The company intends to use the capital proceeds to expand its global footprint as an A.I. analytics, search and predictive solution for media firms, corporate enterprise, political campaigns and government agencies.
Veritone’s unique A.I. platform renders every second and frame of audio and video content searchable for objects, faces, license plates, logos, phrases, sentiment, voice identification, and translation, among additional capabilities that are continuously evolving
As the company explains, its 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.”
Louis Graziadio, Executive Chairman of Acacia, commented “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.”
With the funding deal, Graziadio has joined the Veritone Board.
Chad Steelberg, and his brother Ryan Steelberg, co-founder and President of Veritone, built several successful internet software companies including AdForce, a publicly traded centralized independent ad-serving solution, and dMarc Broadcasting, the largest centralized radio advertising network. Google acquire dMarc in 2006.
“Our deep media roots set us apart from others in the A.I. community,” said Ryan Steelberg. “Our extensive history and successful track record developing scaleable 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 A.I. 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.”