Veritone Inc. (NASDAQ: VERI) watched its shares climb on Thursday after the company made a critical announcement regarding its artificial intelligence (AI) platform. Essentially, the firm announced that it would be launching a market-first update to its aiWARE operating system.
The groundbreaking aiWARE real-time framework will enable companies and organizations to leverage data in seconds, optimizing their workflows and compliance.
The aiWARE real-time framework is scheduled to launch in April 2018 with natural language processing engines, and Veritone plans to expand its offering of real-time enabled engines across the rest of the company’s 15-plus cognitive categories, including transcription, sentiment, visual moderation, translation, as well as object, face and optical character recognition, during 2018.
According to the research firm Gartner, AI augmented services and applications will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity in 2021. With such a huge market opportunity, Veritone could stand to benefit tremendously by launching now.
Hong Bui, senior vice president and chief product officer at Veritone, commented:
As more customers deploy and expand their use of artificial intelligence, we are increasingly seeing use cases where the speed of cognition is equally as important as accuracy and cost. As a result of this upgrade, we’re now able to deliver transcription results within seconds, with best-in-class accuracy and pricing, and we believe that sub-second results will be possible in some other cognitive classes. The applications of aiWARE are limited only by our customers’ imaginations, as we continue to expand the real-time cognitive capabilities of aiWARE.
Shares of Veritone were last seen up about 15% at $15.10, with a consensus analyst price target of $24.25 and a 52-week range of $7.76 to $74.92.