Veritone has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price its 1.25 million shares in the range of $14 to $16, with an overallotment option for an additional 187,500 shares. At the maximum price, the entire offering is valued up to $23 million. The company intends to list its shares on the Nasdaq under the symbol VERI.
The underwriters for the offering are Wunderlich, Craig-Hallum Capital Group and Northland Capital Markets.
Although the offering is not that large, this company has a massive undertaking in artificial intelligence (AI). This company has developed a proprietary AI platform that unlocks the power of cognitive computing to transform unstructured audio and video data and analyze it in conjunction with structured data in a seamless, automated manner to generate actionable intelligence. Its cloud-based artificial intelligence operating system (aiOS) integrates and orchestrates an open ecosystem of best-of-breed cognitive engines, together with the Veritone’s suite of powerful applications, to reveal valuable multivariate insights from vast amounts of audio, video and structured data.
Its aiOS incorporates proprietary technology to manage and integrate a wide variety of AI processes to mimic human cognitive functions such as perception, reasoning, prediction and problem solving in order to quickly, efficiently and cost effectively transform unstructured data into structured data. It stores the results in a searchable, time-correlated database, creating a rich, online, searchable index of audio, video and structured data, enabling users to analyze the information in near real-time to drive business decisions and insights.
Veritone detailed its mission as follows:
Our mission is to bring the power of AI-based computing to enterprises of all sizes through a cloud-based platform that integrates multiple cognitive engine capabilities in a single platform that is licensed to our customers via a Software-as-a-Service (SaaS) model. Our scalable platform is based on an open architecture that enables new cognitive engines to be added quickly and efficiently, resulting in a future proof, scalable and evolving solution that can be easily leveraged in a broad range of industries that capture or use audio and video data, including, without limitation, media, politics, legal, law enforcement, retail, and other vertical markets.
The company intends to use the proceeds from this offering to expand its platform and enhance its technologies, as well as to broaden sales and marketing capabilities for its SaaS licensing business. However, Veritone does not currently have any definitive or preliminary plans with respect to the use of proceeds for such purposes.