Veritone is a US-based artificial intelligence (AI) company. Its AI platform, Veritone aiWARE™, is designed to help users generate insights from massive amounts of data across many cognitive capabilities at scale, in near real-time. The company is listed on the NASDAQ Global Market and currently has a market capitalisation of $499 million.
Veritone has issued a number of encouraging announcements in the last few months. On 12 May, the company advised that it had received a two-year Indefinite Delivery Indefinite Quantity (IDIQ) contract for its aiWARE Government platform from the US Department of Justice (DOJ). Then, on 27 May, the company announced a collaboration with Getty Images to simplify and streamline digital media asset management and accelerate content utilisation. More recently, on 16 June, the company announced a new agreement with Collab – the most-watched independent digital entertainment network – which will allow it to expand its content library and enhance availability of user-generated content for licensing and creative projects.
What looks interesting here is the fact that on 15 June, both President Ryan Steelberg and Chairman and CEO Chad Steelberg purchased Veritone shares. The two insiders – who co-founded the company in 2014 – purchased 14,695 shares each at an average price of $13.57, spending a total of $399,000 on stock. Ryan also purchased $300,000 worth of VERI stock between 29 May and 5 June. As co-founders, these two insiders are likely to have an excellent understanding of Veritone’s future prospects. So, we see these recent insider purchases as a positive development