Acacia Research Corp. will lend $20 million to Veritone Inc. in a deal that could be worth up to $50 million to Veritone, which is developing ways to search and analyze large amounts of audio and video content and other data. Acacia licenses and monetizes patents. Both companies are in Newport Beach.
The deal calls for Acacia to make two convertible $10 million loans to Veritone, and $30 million in milestone funding is possible.
Acacia Executive Chairman Louis Graziadio joined Veritone’s board.
Veritone was co-founded by brothers Chad and Ryan Steelberg, along with Patrick Lennon and Zeus Peleuses, its CrunchBase profile said.
The company received $15 million in venture capital two years ago with participation by Miramar Ventures in Corona del Mar and Checketts Partners Investment Fund in New York, according to CrunchBase.
Veritone participated in an investment conference for technology companies at Newport Beach Marriott Hotel & Spa in June.
—Paul Hughes
