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Veritone, on Stock Upswing, Lands New Digital Partner

Artificial intelligence software maker Veritone Inc. in Costa Mesa, which has seen an uptick in interest from customers and Wall Street investors during the pandemic, has landed another notable partnership.

The company said late last month it will help Getty Images simplify and streamline searches of its content, speeding up its content discovery and project workflow.

The integration allows users to search, view and download content stored in both Digital Media Hub and Getty Images through a single interface.

Veritone President Ryan Steelberg said users who centralize and manage their media assets in Digital Media Hub can now also access and search the Getty Images databases directly without having to leave the application and log in again.

The new streamlined process “ultimately drives increased asset usage and licensing” with mutually beneficial opportunities, Steelberg told the Business Journal on May 29.

“The tool is designed for future expansion to other content platforms as well.” Steelberg said.

Veritone’s hub is a web portal that companies use to offer their clients global access to content.

In addition to Digital Media Hub’s advanced search capabilities, the new add-on feature enables customers to accelerate content discovery and simplify project workflows.

Field-Tested

The new search and index service has been field-tested by several mutual Veritone and Getty customers including major sports organizations.

Peter Orlowsky, senior vice president of strategic partnerships at Getty Images, said the Digital Media Hub will now serve as a “centralized location” where mutual customers can access Getty Images’ visual content.

Customers must also have a subscription to Getty Images or contact Getty Images to create an account.

Getty Images is a major source of visual content, with over 400 million assets including photos, videos, and music, available through its sites www.gettyimages.com and www.istock.com.

Pandemic Growth

Veritone’s (Nasdaq: VERI) operating system, aiWARE, powers a diverse set of AI applications and intelligent process automation solutions for commercial and government organizations.

As of the middle of last week, shares in Veritone rose to $12.02 apiece, almost quintupling in value since the start of the year and giving the company a market cap of about $326 million.

“Veritone employees have been working overtime to help our customers navigate the pandemic,” Steelberg said. “We have seen more digital innovation in the last two months than we have seen in the last two years.

“Additionally, the majority of our applications are available in the cloud, which has provided extra resiliency through the duration of these stay-at-home orders.”

On May 18, Veritone said it was returning $6.5 million in loans from Sunwest Bank under the Paycheck Protection Program for small businesses hit by the coronavirus pandemic, a move that Steelberg said shows the company’s strength.

“After reviewing our financial position, it became clear that Veritone is well positioned to pursue our strategic goals without the need of the PPP funds,” according to the company president.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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