AI News: Veritone (VERI) Stock Soars 15% on U.S. Air Force Subcontracts

AI-company Veritone (NASDAQ:VERI) is seeing its stock take off Friday following news of a deal with the U.S Air Force.

a visual representation of the data underlying an artificial intelligence (AI) powered solution
Source: Shutterstock

According to a news release from Veritone, it has been awarded $1.3 million in subcontract from the U.S. Air Force. These contracts will have the company using its aiWARE AI operating system for overhead imagery analysis.

Veritone notes that with the use of its aiWARE AI operating system, the U.S. Air Force will gain access to higher quality and faster analysis of overhead images. This is possible with its AI object detection engines and help from prime contractor alYnmnt.

Chad Steelberg, CEO of Veritone, said this about the positive news for the AI company.

“Veritone is thrilled and honored to be part of the team that won this contract from one of the most respected and technologically advanced U.S. government agencies. This is a further testament to the power of our world-class AI Operating System, aiWARE, which orchestrates a diverse ecosystem of machine learning models to transform audio, video, text and other data sources into actionable intelligence.”

The subcontract for Veritone come from the U.S. Air Force’s AFWERX. This is the group’s innovation unit and the contracts are part of its Small Business Innovation Research program.

Veritone is a software company with a focus on AI. Its aiWARE is the first operating system created for AI. The company headquartered in Costa Mesa, Calif., and has offices in several other countries.

VERI stock was up 14.5% as of Friday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/09/ai-news-pushes-veritone-stock-higher/.

©2022 InvestorPlace Media, LLC