AI software developer Veritone picks up $50M

by John Siegel
August 23, 2016

Newport Beach-based Veritone announced today the company had signed a funding agreement with patent investment group Acacia Research Corporation for up to $50 million. 

The agreement is structured so the company receives an initial $20 million convertible investment, with an additional investment of $30 million contingent on the software developer's achievement of set milestones.

Veritone develops a search and predictive platform for media firms, corporate enterprise and political campaigns that renders every second and frame of audio and video content. The platform provides audio and video data that was never available before, allowing users to search for objects, logos, phrases and sentiment, all found within the audio or video.

"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,” Executive Chairman and CEO Chad Steelberg said in a statement. “Our mission to transform the world’s media and information into actionable intelligence is a simple notion with profound implications.”

The timing of the investment is perfect for Veritone, as they plan on continuing to market the product as a solution for political campaigns and government entities. They also plan on using the investment to expand the platform's capabilities, as well as to focus on increasing its global footprint.

 

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