Veritone, a cloud-based Artificial Intelligence and media technology company, announced this week that it has signed a funding agreement with patent investment group Acacia Research Corporation “for up to $50 million in working capital.”
So with all of that money, what will Veritone do?
Veritone says it will use the capital proceeds to expand its global footprint as a leading AI analytics, search and predictive solution for media firms, corporate enterprise, political campaigns and government.
Veritone’s 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.
“This funding from our partner, Acacia Research Corporation, validates Veritone’s leadership position in the explosive growth of AI, machine learning and analytics technologies worldwide,” says Veritone CEO Chad Steelberg. “It will enable us to expand and enhance our Cognitive Media Platform to meet the insatiable intelligence demand of our clients.”