Veritone Inc. says it’s “equipped and positioned’’ to support the U.S. military’s newly announced goals of accelerated adoption of AI.
The Pentagon’s plan, outlined on Jan. 12, aims to boost experimentation, eliminate legacy bureaucratic blockers and integrate the cutting-edge of AI capabilities across various mission areas.
Like Veritone, several other Orange County companies, including Anduril Industries of Costa Mesa, are also aligning their offerings with the Pentagon’s AI goals.
Leading in Military AI
Veritone says its aiWARE software lets companies and organizations extract actionable insights and intelligence from audio, video, text and other forms of data, saving huge amounts of time and money.
The Irvine-based company says its aiWARE already lets the U.S. Air Force and the government agencies work faster (Nasdaq: VERI).
Veritone is seeking to increase its work for the Pentagon.
In a major win last June, the U.S. Air Force Office of Special Investigations awarded Veritone a sole-source contract to deploy and launch its AI technology.
“The Department of War’s strategy underscores the importance of deploying AI in ways that are secure, flexible, and operationally viable,” Ryan Steelberg, chairman, president and CEO of Veritone, said on Jan. 14.
Veritone’s shares closed at $3.52 apiece on Jan. 29, for a market cap of $323 million.
‘Awardable’ Status with Pentagon
Veritone also said last June that its AI-powered tools had been granted “awardable” status within the Defense Department, opening a whole new area of business opportunities for working with the U.S. military.
“aiWARE is already entrusted by federal agencies, including the U.S. Air Force Office of Special Investigations, for its ability to transform large volumes of unstructured data, including digital evidence, into actionable intelligence,” Steelberg said as the company strongly endorsed the Pentagon’s newly stated policy favoring “modular, open system architectures.”
Steelberg added: “We look forward to continuing to expand our work to support and enhance the U.S. government’s rapid adoption of AI.”
Veritone’s aiWARE platform has achieved key federal government readiness milestones, including designations known as “FedRAMP” and “awardable” status.
Q3 Revenue Up 32%
Veritone said Nov. 5 its third-quarter net loss widened to $26.9 million from a $21.7 million net loss in the same period a year earlier.
Third-quarter revenue of $29.1 million was up 32% from 2024.
The company said fourth-quarter revenue is expected to be in the range of $33.4 million to $39.4 million, as compared to $22.4 million for the fourth quarter of 2024.
Like Veritone, some other local companies have also been switching their Pentagon references to “Department of War” rather than the standard Department of Defense. They include aerospace components maker Karman Space & Defense of Huntington Beach, AI and computing company Syntiant of Irvine and Rocket Lab of Long Beach.
