Veritone Inc (NASDAQ:VERI) shares were soaring today as the company announced an update to its AI operating system.
The AI and cognitive solutions company announced a market-first update to the system, called aiWARE, which will pave the way for the platform to support real-time AI processing. The real-time framework is slated to launch in April 2018 with natural language processing (NLP) engines.
Veritone added that it plans on expanding its offering of real-time enabled engines across the rest of its cognitive categories during 2018., which include more than 15 such as transcription, sentiment, visual moderation, translation, plus object, face and optical character recognition.
The new aiWARE real-time framework will pave the way for companies and organizations to leverage data in seconds, automating menial tasks in order to maximize the output of their workflows and deal with any compliance issues. In 2021, the AI augmented services and applications will bring in $2.9 trillion in business value for companies, as well as recover 6.2 billion hours of worker productivity, per Gartner.
“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,” said Hong Bui, senior vice president and chief product officer at Veritone. “The applications of aiWARE are limited only by our customers’ imaginations, as we continue to expand the real-time cognitive capabilities of aiWARE.”
VERI stock was up about 19% as of early afternoon Thursday.