It’s been a banner September on Wall Street for Newport Beach, Calif., based Veritone Inc., which is bringing radio and TV broadcasters the power of using artificial intelligence to expand advertising opportunities through audio and visual cognition software.
Today, things got even bigger, thanks to a partnership with Wazee Digital on media asset management tools. In a deal announced today, Wazee Digital will offer its clients Veritone’s proprietary platform of advanced cognitive engines and applications.
The new alliance will allow Wazee Digital Core customers to leverage Veritone’s industry-leading AI technology for automated metadata extraction and analysis, including speech-to-text transcription, face recognition, translation, object recognition, content moderation, and optical character recognition.
News of the Wazee deal sent Veritone stock soaring an incredible 18.6%, to a new record high of $28.70.
In after-hours trading Tuesday, VERI shares were even higher, at $28.93.
Veritone began trading at $13.07 on May 12, following its initial public offering. As recently as Aug. 18, however, investors were lackluster on the company, with shares closing at a low of $7.87.
Shares then began their meteoric rise, giving investors a huge return on investment.
In other activity on Wall Street among media stocks on Tuesday, Sept. 12:
- Cumulus Media gained 1 cent, to 40 cents.
- Emmis Communications was up 12 cents, to $2.64.
- iHeartMedia was down 10 cents, to $1.40.
For a complete look at today’s closing prices, please visit the Wall Street Report on the homepage of RBR.com.