Veritone, Inc. is an American artificial intelligence technology company based in

Irvine, California Irvine () is a Planned community, planned city in central Orange County, California, United States, in the Los Angeles metropolitan area. It was named in 1888 for the landowner James Irvine. The Irvine Company started developing the area in the ...

founded in 2014. It serves a variety of industries including media, professional sports teams, federal government agencies, energy utilities, and state and local police departments. The company’s products and services are used by its wholly owned subsidiaries: advertising agency Veritone One and Veritone Digital, which provides content management solutions and licensing services. Its proprietary operating system, aiWARE, is deployed across more than 2,000 customers, including police agencies, state and local district attorney offices, media conglomerates, radio and TV stations, and movie studios. In addition to the company's Costa Mesa office, they have offices in

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, and

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. Ryan Steelberg is the company's president, chief executive officer and chairman of the board.

History

The company was founded in 2014 and went public via on May 12, 2017. Their losses were $59.6 million that year. In April 2020, the company received a $6.5 million in federally backed small business loans from Sunwest Bank as part of the

Paycheck Protection Program The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the First presidency of Donald Trump, Trump administration in 2020 through the Coronavirus Aid, Relief, and ...

. The company received scrutiny over this loan, which meant to protect small and private businesses.

Washington Post ''The Washington Post'', locally known as ''The'' ''Post'' and, informally, ''WaPo'' or ''WP'', is an American daily newspaper published in Washington, D.C., the national capital. It is the most widely circulated newspaper in the Washington m ...

noted the high compensation to the Steelberg brothers. In May 2020 Veritone announced it would return the full $6.5 million loan and issued a statement that it had "adequate financial flexibility and additional avenues to maintain our capital position."

Criticism

The

American Civil Liberties Union The American Civil Liberties Union (ACLU) is an American nonprofit civil rights organization founded in 1920. ACLU affiliates are active in all 50 states, Washington, D.C., and Puerto Rico. The budget of the ACLU in 2024 was $383 million. T ...

has publicly criticized Veritone for their product Track, which analyzes video to identify and follow individuals based on a variety of visual characteristics. By using a wider variety of characteristics, the product avoids regulation that bans automated biometric surveillance such as

facial recognition Facial recognition or face recognition may refer to: *Face detection, often a step done before facial recognition *Face perception, the process by which the human brain understands and interprets the face *Pareidolia, which involves, in part, seein ...

. It also offers to track vehicles by make, model, and characteristics to avoid

automatic number-plate recognition Automatic number-plate recognition (ANPR; see also #Other names, other names below) is a technology that uses optical character recognition on images to read vehicle registration plates to create vehicle location data. It can use existing clos ...

restraints. The Track product has been evaluated and used by law enforcement in the United States but the legality of this approach remains unsettled.

Veritone AI uses

Media and Entertainment

Veritone Attribute and Discovery are products for measuring ad effectiveness by correlating ad airings with target website activity. The products are used by

iHeartMedia iHeartMedia, Inc., or CC Media Holdings, Inc., is an American mass media corporation headquartered in San Antonio, Texas. It is the holding company of iHeartCommunications, Inc., formerly Clear Channel Communications, Inc., a company founded by ...

. NotForgotten Digital Preservation Library digital time capsules use Veritone's cognitive capabilities adding automated video transcription and metadata creation to make large volumes of video content in the Time Capsules easily searchable.

Government and public safety

The company’s Veritone Redact software is used at police departments to redact personally identifiable or compromising information from video or photographic evidence. In May 2020, the U.S. Department of Justice signed a contract with Veritone to use its AI-enabled audio and video transcription and translation services. Veritone Redact is also used by government compliance provider GovQA.

Energy

In October 2020, the company announced Veritone Energy, an AI tool to predict optimal energy supply mix and pricing to meet grid demand. On July 9, 2023, GridBeyond acquired Veritone’s Energy division.

References

External links

* {{official website, veritone.com * Notforgotten Digital Preservation Library Companies based in Costa Mesa, California Companies listed on the Nasdaq Software companies established in 2014 American companies established in 2014 Digital marketing companies of the United States