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Something I missed from the earnings call.
Veritone dumped their shares of Gridbeyond in the first quarter.
Looking ahead to Q1 2024, I want to point out certain one-time cash items:
Cash receipts up to $1.9 million towards the sale of our investment associated with the
divestiture of our energy division in 2023.
Time for them to make something happen next week.
Well hopefully the government still feels they can trust Veritone. Makes me curious what service the Federal Reserve was using. Maybe more redaction? Who knows but seems like 1.66 billion documents the government is beyond just a trial use case. And this is just two servers.
1.66 billion documents.
Thats a lot of documents. Might include a lot of training data, but still makes me wonder about the revenue significance of converting trial based customers in government. RS recent interview stated that government was what he was most excited about by far.
True but I think it still includes "accidental occurrences". Seems like sensitive data was accessed so I feel like they should've filed. Either way I think the public is pretty numb to these sort of events since the happen all the time. Disappointing to see that that it was poor management practices by Veritone.
Under the new disclosure rules, SEC registrants are required to make a disclosure within 4-business days once a cybersecurity incident is deemed by the company, to be material to a reasonable investor. Cybersecurity incidents include unauthorized occurrences and accidental occurrences not caused by a maliscious attack.
https://www.forbes.com/sites/bobzukis/2024/03/04/companies-are-already-not-complying-with-the-new-sec-cybersecurity-incident-disclosure-rules/?sh=292798625273
It doesn't sound like a hack to me. Sounds like two databases were left exposed allowing anyone to to enter without any authentication.
If the breach happened on March 23 an exception must've applied to allow them to not file an 8k. Like a risk to national security. Interesting to see both the Fed and Homeland Security I feel like haven't been mentioned before.
Under the new SEC cyber incident reporting they should be filing an 8k about the hack if it's material, which it seems like it is. Or I wonder since Microsoft is the cloud provider it falls on them to create the 8k.
Have not heard of Veritone involved with the Federal Reserve before.
Hope they have a handle on this
https://www.upguard.com/breaches/veritone
It's more than likely he gave up his salary as a condition to the BODs giving his loser brother the payoff to rid the company of his bullshit
Agree Hopefully they put up some good numbers and guidance, and really provide evidence of aiWARE success before forking over a million on July 1st to Chad.
Don't think CS would have done that. As shown by his consult agreement doing just the opposite. I guess reduction shows confidence. But like you say want to see revenues and guidance beats and increases.
Was not aware of this.
Ryan Steelberg. Pursuant to Mr. Steelberg’s 2023 employment agreement, his annual base salary was set initially at $525,000 and was voluntarily reduced by him to $1 in May 2023, and such reduction remains in effect. He is also eligible to receive discretionary annual incentives under our cash incentive program, with a target of not less than one hundred percent (100%) of his annual base salary, up to a maximum amount
In the last couple of investor presentations they have mentioned as a growth driver of converting trial based customers into paying customers. And coupled with RS comment that we are seeing an explosion of demand for aiWare and all applications and solutions, they have to demonstrate the above in the form of revenues and guidance next week, or the stock will get crushed further.
Last earnings call was already suspect by not providing guidance that would support the "explosion of demand" comment.
Right not like the DOD is leveraging AiWare the (JAIC) now under the (CDAO)
Don't think get a specific mention or PR of Aiware until they get a customer(s) who soley licenses the Aiware platform as a stand alone product. Maybe when announce Fed contracts that will happen.
Couple things on today's PR.
One, another redact PR. They've spent all this money on Veritone Hire, and don't have any PR out on it. Also why no aiWARE specific PR.
Todays PR says "Built on Veritone’s proven aiWARETM enterprise platform" It's telling for me that they still have to say "proven". Still sounding like a 10 year old start-up.
Oops I read it as the national bank of Canada
Just curious, how do you know what bank it is?
https://www.veritone.com/press-releases/veritone-and-opexus-team-up-to-provide-ai-solutions/
Seems significant. “Veritone Redact uses pre-processing and machine learning to support the AI Assist Module by finding, flagging and redacting sensitive information in audio and video data, which may include audio calls between customer service representatives and customers, internal company video conversations or on-premise surveillance footage.”
It’s also the biggest bank in Canada with 28k employees.
RS interview
hogging all the air time lol.
As of 3/25 still had 696 employees. Where did they cut?
And they obviously don't care about their stock price.
Think we could see a strategic announcement on or before May 7.
Not only do they not update aiWare website, they still don't even make it searchable via Google.
This weeks interview with RS is one of the few times if not the only time he has spent any time discussing aiWare since he has been CEO.
And Veritone Hire never mentions aiWare. Even since they acquired Pando back in 2021, Pando never said running on aiWare. Broadbean has never said running on aiWare.
Gridbeyond never mentions aiWare.
And now when RS mentions aiWare he refers to Bedrock.
Interesting too that they still haven't updated Aiware.com since 12/23. Or updated copyright.
Interesting point. Probably just a slip unless something else in mind. But tired of all speculation that amounts to nada. Want to see revenues.
Another comment RS made in that interview:
"Our vision was to create a platform, which today is still called aiWare"
Why would he say "today still called aiWare"? Why wouldn't it be still called aiWare?
Keep thinking about the
"cloud agnostic version of Bedrock" comment.
Amazon must have a ton of customers that don't just use AWS as their cloud provider. The federal government is one example. Think Amazon understands that ultimately a platform or framework like Amazon Bedrock needs to be cloud agnostic. Think if Bedrock remained limited to only AWS cloud, then eventually it will be surpassed by a cloud agnostic platform. Amazon could spin off Bedrock, and use a company like Veritone to go public with Bedrock.
As we know, RS spends a lot of his interviews on talking about AI for good, or AI in general. Never talks about how Veritone differentiates in the market. They still are quiet on Veritone Hire. They changed the name to Veritone Hire, and that's it so far. They set up different pages on Linkedin (Veritone Hire, Veritone Public Sector, and Veritone M&E) and so far are hardly using those pages.
Veritone keeps talking about revenue and cost synergies in the 2nd half of 2024. But they say their guidance does not include the revenue and cost synergies.
And we know they hardly talk about aiWare in general anymore.
Seems odd up almost 15% on measley 350k shares.
For what’s worth CDAO is listed on the most recent presentation.
https://d1io3yog0oux5.cloudfront.net/_7356ac26a43d4527042628b98d06b183/veritone/db/2223/21167/pdf/VERI+4Q23+Investor+Presentation+%284-4-24%29_v4.pdf
I could see a partnership with Amazon
where Veritone provides aiWare capabilities to Bedrock, and in turn, Amazon helps scale Veritone's verticals.
But still no revenues to substantiate. And still no sense of urgency to get going with Veritone Hire.
Very possible.
And that would make this comment an outright lie.
We're seeing an explosion
of demand for Veritone’s AI applications, aiWARE platform and solution capabilities
I agree somewhat I think the only saving grace is if the DOD's been using aiWARE and that's why nothing has been marketed. We know the JAIC was using aiWARE just a question if now the CDAO is still using it.
Bedrock not limited to LLM models.
And hard for me to believe that aiWare is competing against Bedrock. If that were the case, then its clearly a losing proposition. I don't think RS is that stupid.
You go on AWS Marketplace, and says Veritone Investigate powered by AWS, not aiWare. If aiWare competing with Bedrock, then obviously Veritone doing a lousy job of it.
He's mentioned Bedrock publicly at least twice, first saying, aiWare is the original Bedrock, then yesterday saying aiWare is cloud agnostic version of Bedrock.
DMH runs on aiWare. AWS demonstrated an AWS version of DMH. RS said AWS their primary cloud partner yesterday.
But, still no evidence of any Veritone revenue ramp associated with AWS GTM partnership. And still very quiet on Veritone Hire.
Aiware becoming irrelevant. If relevant would have had buyouts, investments, PRs anything announcing these capabilities. But nothing except to say cloud agnostic. Soon every other big name will have their own version of Aiware or Bedrock etc. Aiware done again just as an internal platform. And soon Veri will follow right behind as irrelevant.
Veritone talks about "engine" capabilities. I wonder if Bedrock can do the same or if its just LLM models.
Seems like they've already surpassed aiWARE. I sure hope they are utilizing aiWARE and AION file types but who knows.
"Tens of thousands of customers have already selected Amazon Bedrock as the foundation for their generative AI strategy because it gives them access to the broadest selection of first- and third-party large language models (LLMs) and other foundation models (FMs) from leading AI companies, including AI21 Labs, Anthropic, Cohere, Meta, Mistral AI, Stability AI, and Amazon, along with leading ease-of-use capabilities to quickly build and deploy generative AI applications."
Today Amazon announcing bring your own AI model to Bedrock.
With this new capability, AWS makes it easy for organizations to choose a combination of Amazon Bedrock models and their own custom models via the same API.
https://www.aboutamazon.com/news/aws/amazon-bedrock-new-innovations-generative-ai-applications
Also has an update similar to Veritone Benchmark.
aiWare is either going to quickly become irrelevant or Veritone is licensing aiWare capabilities. jmo
The sell for free a Wilderness Guide for Ai.
Meanwhile investors get f---cked.
Yes, a cloud agnostic version of Bedrock. And said more mature. Just can't figure out why they have not touted aiWare and capabilities since RS took over as CEO. Any time Ryan speaks, there is never any urge to try to sell Veritone products or platform. Talks more about AI for good, and industry in general. Hope they have a plan in place.
https://digitaltransformationpodcast.libsyn.com/the-use-application-and-value-of-artificial-intelligence-today?linkId=223901
Surprisingly RS dropped aiWARE.com and compared aiWARE to bedrock. Around the 16 min mark
GridBeyond if growing like fire blazing fast
What is the market cap of gridbeyond after the $55m cash raise?
Do we smell an upcoming IPO ?
VERI holds 4,160,644 of Series B Preference Shares in GridBeyond
Maybe we do the same with BENJI health probally better in the hands of a more specialized heath company
Yeah, pretty sure we will always be stuck with the Steelbergs on the Board. But now replace Kurtz and Taketa and maybe they can make something out of this company.
Seems like Keithley has an actual background in computer science which will be a nice change. Agreed seems like he'll have more pull and hopefully not fall for the constant empty promises. Either way glad they could lore him on the board with all his connections.
An improvement as far as I'm concerned.
Watched a couple videos of him on YouTube. He doesn't appear to be a "yes" man to me. And guessing he has a much bigger rolodex than Jeff Gehl
Guessing over the years that Jeff Gehl went along with everything Steelbergs said.
Thoughts on Michael Keithley joining the board? Seems like he's on a ton of board positions already.
Who leads a symphony...?
As good as anyone trumpeter is it takes an orchestra to make the symphony and everyone has thier places guided by the
CONDUCTOR
https://images.app.goo.gl/BCkaaqwUkR894fwj7 ">https://images.app.goo.gl/BCkaaqwUkR894fwj7 " />
https://www.nextgov.com/artificial-intelligence/
agree
They built up expectations for big revelations on Veritone Hire. And all they did was say "we are now called Veritone Hire" lol
New website is lame at best.
Nothing coming out of NAB.
Very disappointing week, and another example of lack of execution on the part of RS.
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