Veritone Recognized by AWS for Machine Learning Expertise


 
 
05:27 11/28/2017

Veritone, Inc. VERI , a leading provider of artificial intelligence (AI) insights and cognitive solutions, today announced that it has achieved Amazon Web Services (AWS) Machine Learning (ML) Competency status. This designation recognizes Veritone for offering solutions that enable prescriptive and predictive capabilities within customer workflows and applications.

AWS ML Competency status designates Veritone as an AWS Partner Network (APN) member that has built solutions that help organizations solve their data challenges, enable machine learning and data science workflows or offer SaaS/API-based capabilities that enhance end applications with machine intelligence. Attaining the AWS ML Competency demonstrates to Veritone’s customers that the company has ML expertise on AWS.

“Achieving AWS ML Competency status recognizes Veritone’s proven track record of making AI accessible and actionable to institutions and organizations by combining the most advanced processing engines across major cognitive functions with a suite of powerful applications and a proprietary orchestration layer informed by machine learning,” said Chad Steelberg, chairman and chief executive officer of Veritone. “Our team is dedicated to helping customers achieve their business goals by uncovering previously-unavailable intelligence and by leveraging the agility of AWS.”

“Given the complexity of building a scalable and reliable production workflow that serves billions of predictions, deploying machine learning at scale is still a challenge,” said Joseph Spisak, global lead for artificial intelligence and machine learning partnerships, Amazon Web Services, Inc. “We are thrilled to have Veritone join us as an APN Partner for the Artificial Intelligence and Machine Learning Competency Program. By automating routine tasks, teams are able focus squarely on the problems they are trying to solve and spend less time worrying about how to optimize and deploy their models.”

VERI  also announced that the underwriters of its previously announced public offering of common stock have fully exercised their option to purchase an additional 146,250 shares at the public offering price of $23.00 per share, resulting in additional net proceeds of approximately $3.2 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Veritone.

After giving effect to the full exercise of the over-allotment option, the total number of shares sold by Veritone in the offering increased to 1,121,250 shares and the total net proceeds increased to approximately $23.6 million.

These proceeds further increase the Company’s cash and marketable securities balances, which totaled $60.4 million at September 30, 2017. Veritone intends to use the net proceeds from the offering for working capital and other general corporate purposes, including potential future acquisitions of or investments in complementary businesses, services, technologies or intellectual property rights.


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