DENVER - Veritone, Inc. (NASDAQ: NASDAQ:VERI), known for its enterprise artificial intelligence (AI) solutions, has updated its AI-powered digital video forensics tool, Veritone Track, to improve public safety and law enforcement investigations. The tool now allows for the identification and tracking of vehicles by make and model across various video sources without using personally identifiable information (PII).
This enhancement to Veritone Track is part of the company's intelligent digital evidence management system (iDEMS), which utilizes AI to manage and analyze digital evidence. The system is powered by Veritone's aiWARE platform, which incorporates over 300 cognitive AI and generative AI models across more than 20 categories.
The updated version of Track aims to aid law enforcement and public safety agencies by using AI to detect and follow vehicles of interest through footage from multiple camera types, including CCTV, body cameras, drones, and social media. This technology is designed to reduce the time spent on manual video review, potentially increasing case clearance rates and operational efficiency.
According to Jon Gacek, general manager of the Public Sector at Veritone, the latest improvements in Veritone Track leverage aiWARE's new functionalities to enhance search capabilities and performance. Richard Coleman, CEO and Founder of MissionRT, emphasized the importance of equipping law enforcement with advanced AI technology to efficiently solve cases and maintain community safety while protecting PII.
Veritone Track also assists agencies with video surveillance efficiency, event and crowd monitoring, security in sensitive locations, and cross-jurisdictional collaboration for multi-agency investigations.
The company will showcase Veritone Track and iDEMS at the International Association of Chiefs of Police (IACP) Annual Conference and Exposition, which will be held from October 19-22 in Boston.
Veritone's commitment to building human-centered AI solutions extends to various industries, including media, entertainment, public sector, and talent acquisition, aiming to enhance organizational efficiency and profitability.
This article is based on a press release statement from Veritone, Inc.
In other recent news, Veritone Inc . has made significant strides in its financial performance and business partnerships. The company reported a revenue increase of over 10% for the second quarter of 2024, attributed to strong demand for its AI-based applications. Veritone also announced a substantial multiyear contract with the NCAA and an expansion of its partnership with AWS. This growth comes after restructuring efforts that led to a 47% improvement in non-GAAP net loss, with full benefits expected to materialize in the latter half of 2024.
Veritone's financial projections for the third quarter include expected revenue of $34 million to $35 million and a non-GAAP net loss of $2.5 million to $4 million. For the full year, the company anticipates revenue between $136 million to $142 million, with a non-GAAP net loss projected between $13 million and $16 million. These figures indicate Veritone's progress towards profitability, with potential cash flow positivity by Q4 2024.
In a separate development, Veritone has partnered with Eightfold AI to streamline recruitment processes. The collaboration integrates Veritone's job distribution software with Eightfold's talent intelligence platform, aiming to provide a more efficient method for job distribution and candidate sourcing. This partnership aligns with the growing trend of leveraging AI technology in the recruitment industry.
InvestingPro Insights
As Veritone, Inc. (NASDAQ: VERI) continues to innovate in the AI space, particularly with its enhanced Veritone Track tool for law enforcement, investors may be interested in the company's financial health and market performance. According to InvestingPro data, Veritone boasts impressive gross profit margins, with a gross profit margin of 79.31% for the last twelve months as of Q2 2024. This suggests that the company's AI solutions, including the recently updated Veritone Track, are generating substantial value relative to their production costs.
However, it's important to note that Veritone is currently not profitable, with an operating income margin of -50.72% over the same period. This aligns with an InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year. Despite this, Veritone has shown strong market performance, with a 66.8% price total return over the past year and a remarkable 130.39% return year-to-date.
The company's focus on AI-driven solutions for public safety and law enforcement could be contributing to its market appeal. However, investors should be aware that Veritone's stock generally trades with high price volatility, as noted in another InvestingPro Tip. This volatility could be attributed to the company's position in the rapidly evolving AI sector and its current unprofitability.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for Veritone, providing a more comprehensive view of the company's financial situation and market position.
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