Veritone appoints new board member with public sector expertise

DENVER - Veritone, Inc. (NASDAQ: VERI), a $104.57 million market cap enterprise AI solutions company currently trading at $2.34, has announced the appointment of Francisco J. Morales to its Board of Directors, effective March 20, 2025. Morales, the Co-founder and Executive Chairman of 5.11 Tactical, brings a wealth of experience in public sector operations and global business to the table.

Morales, who previously held the CEO position at 5.11 Tactical, a leading provider of tactical apparel and gear, is expected to contribute significantly to Veritone’s strategic direction, particularly in the commercial and public sectors. According to InvestingPro data, while the company maintains impressive gross profit margins of 78.79%, it faces challenges with significant debt burden and cash burn. His background is anticipated to enhance the company’s go-to-market strategies, corporate positioning, and product development.

Ryan Steelberg, Chairman & CEO of Veritone, expressed confidence in Morales’ ability to help expand the company’s AI-driven platform and solutions. Morales himself is eager to support Veritone’s growth, especially in the AI solutions segment servicing the public sector, including law enforcement and federal government customers.

Veritone’s aiWARE platform is at the core of its service offerings, enabling the orchestration of machine learning models to transform data into actionable intelligence. The company serves various industries, including media, entertainment, public sector, and talent acquisition, aiming to enhance operational efficiency, decision-making, and profitability for its clients.

The addition of Morales to Veritone’s Board is part of the company’s ongoing efforts to strengthen its presence and influence in the rapidly evolving AI technology landscape. This information is based on a press release statement from Veritone, Inc.

In other recent news, Veritone, Inc. has announced significant developments that may interest investors. The company has entered into a definitive agreement with Esousa Group Holdings, LLC for a registered direct offering, involving the sale of approximately 8 million shares of common stock, projected to yield gross proceeds of about $20.3 million. These funds are intended for working capital, general corporate purposes, and enhancing Veritone’s AI platform. Additionally, the Compensation Committee of Veritone’s Board of Directors has decided to adjust CEO Ryan Steelberg’s annual base salary to $665,000, effective January 1, 2025. This adjustment restores his salary to market levels after a voluntary reduction to $1 since May 2023. The decision underscores the board’s recognition of competitive compensation as crucial for retaining key leadership. These recent developments reflect Veritone’s strategic financial and leadership decisions aimed at bolstering its market position.

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