Veritone, Inc. Company Summary

Business Overview

• Veritone, Inc. is a provider of artificial intelligence (AI) computing solutions, primarily offering a proprietary AI operating system, aiWARETM.
• The company aims to augment human workforce capabilities by transforming use-case concepts into industry-leading AI applications and solutions.
• Core Product:
  • aiWARE: An open, modular, and customizable AI operating system that orchestrates multiple AI models and applications to extract insights from large volumes of structured and unstructured data.
  • Deployment Options: Cloud-based (AWS, Azure), on-premises, and hybrid environments.
  • Capabilities: Mimics human cognition (perception, recognition, prediction, problem-solving), supports over 20 cognitive categories, and integrates with large language models (LLMs) like ChatGPT.

Key Offerings

• Software Products & Services: Revenue generated from customers using aiWARE and related support, maintenance, and professional deployment services.
• Managed Services: Revenue from content licensing, influencer management, content representation services, and advertising operations (prior to divestiture).

Customer & Market Details

• Target Markets:
  • Commercial Enterprise: Media, entertainment, sports, advertising, content licensing, and hiring solutions.
  • Public Sector: Government agencies, law enforcement, legal, and highly regulated industries.
• Customer Base:
  • Software & Services Customers (2024): 3,237 (down from previous periods partly due to migration of legacy customers off Broadbean).
  • Revenue Concentration:
    • No customer accounted for more than 10% of total revenue in 2024.
    • In 2023, the largest customer represented 15% of revenue.
    • Managed Services (content licensing, influencer representation) had one customer contributing 20% of revenue in both 2024 and 2023.

Employees & Revenue

• Employees:
  • Total of 487 employees as of December 31, 2024.
  • Geographic distribution:
    • 116 in California
    • 188 across 36 other U.S. states
    • 36 in Israel
    • 147 across UK, France, Australia, India
• Revenue (2024):
  • Total revenue: $92.6 million (decreased from $100.0 million in 2023).
  • Breakdown:
    • Software Products & Services: $61.1 million (66% of total revenue).
    • Managed Services: $31.6 million (34% of total revenue).
• Net Income (2024):
  • Net loss: $37.4 million (improved from $58.6 million loss in 2023).
  • Non-GAAP net loss (2024): $30.7 million (vs. $37.3 million in 2023).

Key Strategic Changes

• Divestiture:
  • Sold Veritone One, a full-service advertising agency, on October 17, 2024, for up to $104 million.
  • The company's strategy shifted to focus on core AI and software solutions, with Veritone One’s results now reflected as discontinued operations.
• Operational Restructuring:
  • Reduced annual operating expenses by approximately $13.0 million in Q1 2024.
  • Total workforce reductions of 19% since early 2023.
  • Achieved over $40 million in annualized cost savings since 2023.
• International Expansion:
  • Expanded into Europe and Asia Pacific via acquisition of Broadbean in June 2023.
  • As of end of 2024, 32% of revenue was from international customers, primarily in Western Europe.
• Funding & Market Activity:
  • Conducted a registered direct offering in January 2025, raising approximately $20.3 million.
  • Established an at-the-market (ATM) equity program with a target of $35 million.

Summary

Veritone is focused on delivering AI-powered data insight solutions across industries, with a diversified customer base and global presence. The company is actively restructuring and refocusing on core AI technologies after divesting a segment, and aims to expand its international footprint using AI applications like iDEMs and VDR.