Veritone

Veritone Inc. is an artificial intelligence tech company based in Costa Mesa, California, founded in 2014. Veritone's aiWARE technology and solutions are licensed and utilized by a broad and diverse customer base including global media conglomerates, professional sports teams, federal government agencies, energy utilities, and state & local police departments. Veritone services over 1,500 customers around the world. It is traded on NASDAQ Global Market as VERI.

In addition to the company's Costa Mesa office, they have offices in Newport Beach, California, San Diego, California, Denver, Colorado, Binghamton, New York, New York City, Seattle, Washington, and London, England.[1]

Chad Steelberg is Veritone’s Chairman of the Board and CEO. His total compensation in 2019 was $285,408. His total compensation in 2018 was $18.7 million, of which $197,917 was cash, and the remainder was stock options.[1] His brother, Ryan Steelberg, is the company's president. His total compensation in 2019 was $280,806. His total compensation in 2018 was $13.9 million, of which $270,833 was cash, and the remainder was in stock options. [1][2]

Peter F. Collins is EVP and CFO.

The company was founded in 2014.[1]

In 2017 the company acquired Atigeo Corporation. The company IPOed on May 12, 2017. Their losses were $59.6 million this year.[1]

In 2018 the company acquired Machine Box (for $4.5 million), Wazee Digital (for $12.6 million), Performance Bridge (for $9.1 million), and S Media Limited. The company reported $27 million in revenue, with losses of $61.1 million.[1]

In 2019 the company placed over $200 million in ads for their clients, including 1-800-FLOWERS.com, Audible, DraftKings, Express VPN, HelloFresh, LinkedIn, SimpliSafe, and Uber. As of February 2020 the company had 277 employees. The company reported $50 million in revenue, with losses of $62.1 million.[1]

In April 2020, the company received a $6.5 million in federally backed small business loans from Sunwest Bank as part of the Paycheck Protection Program. The company received scrutiny over this loan, which meant to protect small and private businesses. Washington Post noted the high compensation to the Steelberg brothers.[2][3][4][1]

References
  1. "veri-10k_20191231.htm". sec.gov. Retrieved 1 May 2020.
  2. "Public companies received $1 billion in stimulus funds meant for small businesses". Washington Post. Retrieved 1 May 2020. Veritone, a company based in Costa Mesa, Calif., that provides artificial intelligence technology, paid chief executive Chad Steelberg $18.7 million in total compensation in 2018, the last year for which data is available. His brother, Ryan Steelberg, the company’s president, made $13.9 million. The company received $6.5 million in funding from the program. The company did not respond to a request for comment.AD
  3. "FORM 8-K". sec.gov. Retrieved 1 May 2020.
  4. "Veritone Secures $6.5 Million of Loans Under Paycheck Protection Program Provisions of CARES Act". sec.gov. Retrieved 1 May 2020.
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