Veritone, Inc., a Newport Beach, CA-based Artificial Intelligence media technology company, is to receive up to $50m in working capital from Acacia Research Corporation (NASDAQ: ACTG).
The funding is structured as an initial $20m convertible investment, with a contingent additional investment of $30m based on Veritone’s achievement of set milestones, for a total investment consideration of $50m. Louis Graziadio, Executive Chairman of Acacia, has joined the Veritone Board as part of the partnership.
The company will use the capital proceeds to expand its global presence.
Led by Executive Chairman and CEO Chad Steelberg and co-founder and President Ryan Steelberg, Veritone provides media firms, corporate enterprise, political campaigns and government with an AI analytics, search and predictive solution that renders every second and frame of audio and video content searchable for objects, faces, license plates, logos, phrases, sentiment, voice identification, translation, etc..
Current clients and partners range from small firms to Fortune 100 companies including Microsoft, Uber, ESPN Radio, Nuance, Westwood One, LegalZoom, Spark Agency, Taco Bell, the Republican National Committee and Dollar Shave Club.
FinSMEs
24/08/2016