Veritone and Technology North team up to boost public safety

DENVER - Veritone, Inc. (NASDAQ: VERI), a $96 million market cap enterprise AI solutions company currently trading near its 52-week low, has recently announced a strategic partnership with Technology North, an organization focused on integrating autistic and neurodivergent individuals into the tech workforce. According to InvestingPro analysis, the company appears undervalued despite facing significant operational challenges. This collaboration aims to address the backlog of public records requests faced by public safety agencies by utilizing human-in-the-loop AI solutions to expedite redaction processes.

The partnership leverages Veritone Redact, an intelligent redaction software powered by Veritone’s aiWARE platform, to enhance the efficiency of redacting audio and video digital evidence for public sector agencies. This initiative is not only poised to alleviate the workload of agencies swamped with redaction tasks but also to create inclusive job opportunities for individuals on the autism spectrum.

Ling Huang, CEO of Technology North, expressed excitement about the partnership, highlighting the dual benefits of streamlining operations for public sector agencies while transforming the participation of autistic individuals in the tech industry. The collaboration is set to expand into the United States and Canada, addressing the mounting backlog of audio and video evidence.

Ryan Steelberg, chairman, president, and CEO of Veritone, echoed the sentiment, emphasizing the company’s commitment to harnessing AI for good. By combining Veritone’s AI solutions with Technology North’s diverse workforce, the partnership aims to deliver efficient, high-quality redaction services that meet the increasing demands of public safety agencies.

This strategic alliance comes at a critical time when public safety and judicial agencies are experiencing an unprecedented influx of video sources and public records requests. The pressure to manage and clear media backlogs efficiently is intensifying, with agencies struggling to keep pace through traditional means. For investors following this development, InvestingPro offers a comprehensive research report analyzing Veritone’s market position, financial health, and growth potential among 1,400+ top US stocks.

The information for this article is based on a press release statement.

In other recent news, Veritone Inc. reported its fourth-quarter 2024 earnings, significantly surpassing expectations with an earnings per share (EPS) of $0.72, compared to the forecasted loss of $0.26. Despite a year-over-year revenue decline to $22.4 million from $27.1 million, the company has managed to provide optimistic guidance for fiscal 2025, projecting revenue between $107 million and $122 million, marking a 24% increase at the midpoint. H.C. Wainwright has maintained its Buy rating on Veritone, citing the company’s alignment with expectations and a projected revenue growth of 23.6% at the midpoint for 2025. Veritone’s recent partnership with Carahsoft Canada Inc. will see its AI solutions offered to Canadian federal agencies, expanding its market reach. The company’s strategic focus on AI solutions and public sector growth is expected to drive future revenue, especially with the addition of 19 new public sector customers in the last quarter. Veritone’s successful divestiture of Veritone One for up to $104 million has been a strategic move to concentrate on AI offerings. The company anticipates substantial growth in its public sector revenue, with expectations of a 100% to 150% increase in 2025.

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