Veritone Closes $50 Million Funding Deal With Acacia Research For AI Technology
August 25, 2016 at 12:49 PM (PT)
VERITONE, INC., a cloudbased Artificial Intelligence media technology company, has signed a funding agreement with patent investment group, ACACIA RESEARCH CORPORATION 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 a series of set goals.
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. Its 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.
Commented ACACIA Executive Chairman LOUIS GRAZIADIO, “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. Its 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."
Added VERITONE Executive Chairman/CEO CHAD STEELBERG, “This funding from our partner 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. Our mission to transform the world’s media and information into actionable intelligence is a simple notion with profound implications.”
Added WESTWOOD ONE COO CHARLES STEINHAUER, “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. VERITONE’s revolutionary COGNITIVE MEDIA PLATFORM provides real-time indexing and media analytics that deliver a superlative experience for both our consumers and advertisers.”