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Yea maybe right. I am done posting. I am done only option opinion unless buyout Veri done. I see no options here. Waited 10 years for nothing.
your comment:
Seems Ai market not warming up to an operating system(Aiware) as evidenced by Veri Ai consulting Group.
From the May 7th consulting group PR.
By combining human expertise with aiWARE™ technology, the newly formed group will empower businesses on their digital transformation journey through custom AI strategy development, AI workflow solutions and innovation workshops.
For all of 2023 and so far in 2024, Veritone has put out many PRs that did not mention aiWARE. Now forming a consulting group centered around AWS expertise. So why do they decide to describe their new consulting group as a combination of human expertise and "aiWARE technology".
If aiWARE going no where why bother to bring it up in this PR? Why not just say consulting business based on AWS technology?
We know they have a new version of aiWARE that they say nothing about. Why even have a new version of aiWARE. If aiWARE sucks why not just sunset it. We know aiWARE has done nothing for revenue growth, done nothing for shareholders. What do they expect from this new version of aiWARE?
Maybe the new version is created based on AWS requirements and AWS standards, and made to be more compatible with AWS technology and Bedrock. Maybe that's the new aiWARE roadmap that they were working on for all of 2023.
Yeah things don't look good right now. But to me it looks like self inflicted harm by not being focused. Just hope there is a strategy behind this. Looks to me like they have sold their soul to AWS. Any success for Veritone going forward looks to me to depend on what it is that AWS is going to do in return for Veritone. Remains to be seen.
Got to be missing something. No interest in Veri whatsoever. All these startups attract billions in investments and Veri nothing. The more I read into Veri AWS so called partnership the more it seems like a customer relationship than a partnership and Veri being the customer. AWS barely acknowledges Veris existence and AWS certainly not buying or utilizing anything from Veri. Other so called partnerships like Deloitte and MSFT too name 2 don't hear anything. I think Veri going this alone whether by choice or lack of interest. Seems Ai market not warming up to an operating system(Aiware) as evidenced by Veri Ai consulting Group. IMO they are in a big bind right now and unless they get lucky and get a buyout things will be very ugly for a while. Only Hope for me is Fed contracts. If small than I lose all hope.
Good question. And took aiware off AWS market place. Have a new version and don't announce it
Along those lines Aiware website still not updated. Why
Yes spinning off a newly rebranded Aiware with a new 51% majority stake partner 2 -5B cash infusion would be AWSome
VERI Anthropic
And VERI would remain an AI solutions company
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https://www.nextgov.com/emerging-tech/2024/05/agencies-are-advancing-ai-pilots-face-scalability-challenges-report-finds/396439/
Also have to write that 1M check to CS for all the value he has created.
No worries, now onto starting the consulting business. lol
Yea what are they waiting for. Waiting any longer serves no purpose whatsoever. They are in a corner and must act ASAP. Sure looks like AWS could be a strategic partner but they need more. They need cash like now.
All this makes me wonder what they were thinking when they bought Broadbean. They bought Broadbean knowing they would then have a bloated employee count, and incur integration costs, and run into a cash crunch before any revenue and cost synergies kick in.
Only thing I can think of to try to make sense of the Broadbean purchase at the time is if it was strategically planned alongside the new aiWARE roadmap involving a strategic partner like AWS.
Think trying to hype stock by pushing 4q profitability scenario for a dilution option. They need to sell.
So 17 mil in unencumbered cash will last 2 more quarters bringing us to 9/30. So something has to happen by then. Dilution at these low prices is not reasonable. Even selling of ad agency not reasonable to solve their problems. They really backed themselves into a corner. They need some type of buyout whether in total or in part. I see no other alternatives. And for them to say deal looking at is nondilutive is not reasonable at this time.
Possibly not rushing any deal besides fact losing 60+ mil in revenues is that ad agency profitable as a stand alone and for years has been funding rest of company. If lose that than won't achieve profitability by 4q like they are guiding. So right now if don't sell stuck with no cash and huge debt. If do sell reducing debt and possibly increasing cash but still stuck with unprofitable co. See the need here for a total company buyout and soon. Or go back to dilution.
I think AWS may have an interest. Bedrock is generative AI related. aiWARE can take generative AI models and orchestrate with cognitive models and Domaine specific models. Should be an interest their to help them scale as long as Veritone has loyalty to AWS. We will see
Well look at their history. Their two major acquisitions have been Pando and Broadbean, HR related. Think the only acquisitions specific to the enhancement of aiWARE platform itself were Atigeo and Machine Box, both costing peanuts. Wasted a lot of time and investment in energy vertical, although guessing the energy initiative helped them with development and proving of aiWARE.
But interesting that they spent all that money on HR acquisitions, and still haven't fully integrated Broadbean and now starting AI consulting business. As a whole, their history just doesn't make sense to the investment community.
Don't understand why AWS wouldn't want a complete solution like Aiware and not just the building blocks. Makes no sense.
They said new group would be consultants to customers as well as Ai providers. To think if Aiware is only ai operating system out there they should be valued well north of 5 billion and hyperscalers would be knocking each other over to buy or at least invest in Veri. If true also Veri or Veri One a marketing Co they are doing one hell of a bad job marketing Veri and more so specifically Aiware.
could be. Seems clear to me now that in whatever form it takes, the aiWARE roadmap involves AWS. Veritone doing a lot of evangelizing for Amazon (AWS). Sure don't see anything in return. But like you say, maybe aiWARE development and integration with AWS still a work in progress.
Deloitte has a tight relationship with AWS. Maybe dropping the CortexAI name and now will be consulting on behalf of aiWARE brand instead of CortexAI for all the industries outside of Veritone's ecosystem. Speculation and wishful thinking I know.
But Veritone starting this consulting business as a very small company with limited resources. Need more that just Veritone consulting to scale aiWARE.
Maybe the first step in making Aiware better and more accurate and making it available for more uses cases and more industries.
Actually the way I view this is if we are to believe Aiware is the only ai operating system and onboarding 3rd party engines/applications like AWS good for Aiware and may finally put them on the map and finally achieving Aiware road map.
Sounds to me he is appreciative of Veri saying they use AWS when customers don't even realize it.
While we often talk with customers about individual AWS services like #Rekognition, #Transcribe, and #Bedrock - many times the best route for our customers is to turn to a partner who has already crafted these building blocks into a complete solution of their own. Often, our customers may not even realize they are using the latest AWS technology under the hood to power their business. For this reason I'm even more appreciative of our partner Veritone
To me, it sounds like he is appreciative of aiWARE. Saying that instead of having to sell AWS building blocks individually, the building blocks are already within aiWARE. When he says customers may not even realize they are using the latest AWS technology, sounds to me like the advantage of aiWARE. Can quickly add and replace AI models as needed without disrupting the customer's business.
Seems more a AWS plug than a Veri plug. Except for saying Veri has complete solution really plugging AWS.
Probably the best plug for Veritone from AWS that I have seen to date.
https://www.linkedin.com/feed/update/urn:li:activity:7194376323148963840/
Yes all good points
Lack of focus main reason for 1x revenue valuation in my opinion.
18M unencumbered cash, so currently pursuing all these different business verticals with no resources.
Spend 52M on Broadbean a year ago, and still haven't fully integrated yet, and now announce going into the AI consulting business. All while trying to run an advertising business, public sector business, and M&E business. Jack of all trades, master of none.
Plus all businesses above leveraging aiWARE, a platform that still is yet to gain any traction.
Add to that, in any interview with RS, he never states how Veritone differentiates. He would rather talk about AI for Good, or talk about the old days in the ad business.
Still just baffles me how can be valued at 1x revenue. I guess investing community just doesnt understand Veri potential as evidenced by lack of analyst coverage and lame questions by analysts who do cover. Yes sale of ad agency will cut off about 60 to 65 mil of revenues and non Ai revenues. So will be left hopefully with about 100 mil of ai revenues and better balance sheet. And then maybe viewed as pure ai company. But looks like again have to wait to another q for something besides same BS been getting for years. This co has been run into ground for years at expense of investors as well as their employees. Time for change of mgt.
Revenue and cost synergies are a result of Broadbean and Pando integration. On 3q 2023 EC talked about how PE firm approached them to buy ad agency for excess of 100 mil and said putting it off to summer of 2024. Looks like putting it off even further. Maybe waiting to increase ad agency revenues to get higher price.
Could be ad agency but not sure how that increases revenue synergies. Plus revenues would drop considerably
Yea think it includes all cash including the encumbered which makes no sense but it is what it is
they also have that 15M liquidity covenant on their debt facility
Could be right. With about 18M left in unencumbered cash, if they wait until September, going to be running on fumes.
Yea don't understand why it should take so long. Said would update on August call so still won't be done until at least Semptember. Still think sale of ad agency.
Maybe so, and also think maybe it has something to do with the non dilutive transaction.
As we discussed on our last call, we remain on a near term pathway and are progressing to vastly
improve our liquidity position on a non-dilutive basis."
Seems like some type of combo of Aiware and AWS tech could be happening
They mention aiWARE sometimes but they don't seem to want to call it their own.
Here's a list
1. Took aiWARE off AWS Marketplace
2. From that job posting a couple months ago for Sr Marketing Manager for AI Solutions Group
Veritone and its partnership with AWS offers customers hundreds of AI engines with capabilities
3. Veritone Investigate
Built on enterprise-grade architecture powered by AWS Commercial
4. Illuminate
Built on the Proven Enterprise AI platform, aiWARE
5. Redact
Veritone is the creator of the only operating system for AI, enabling fast to market extensibility of automated redaction capabilities
6. PR -Veritone Launches AI Consulting and Services Group, Achieves AWS Advanced Tier Services Partner Status
By combining human expertise with aiWARE™ technology, the newly formed group will empower businesses on their digital transformation journey
I still find it odd that Veritone is not adding Digital Media Hub to AWS Marketplace.
That blog post by AWS included Tim Camara, Senior Product Manager on the Digital Media Hub team at Veritone.
The blog post was posted by Veritone on Linkedin, and that post was reposted by an AWS Research Engineer.
I am thrilled to share the work my team and I did to improve the multimodal search experience for our customer.
Maybe Amazon is going to use DMH / aiWARE for their customers as well. We know AWS demonstrated an AWS branded version of DMH.
https://www.linkedin.com/feed/update/urn:li:activity:7194069116293423104/
Can't think of any reason won't mention Aiware when it comes to AWS
Veritone today added Redact to AWS Marketplace
Doesn't say aiWARE
But says, "Veritone is the creator of the only operating system for AI, enabling fast to market extensibility of automated redaction capabilities"
Why not say "creator of aiWare"? Once again, for some reason anything having to do with AWS, they are skirting around any description that aiWARE is Veritone's
Whatever this non-dilutive transaction is, get the news out there. Execute on behalf of shareholders for once Veritone management.
This was a Deloitte/Intel PR from April 9
"Deloitte has deployed over 35 of Intel’s OpenVino™ AI models in their CortexAI platform to drive greater time to value and efficiency for their clients"
https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/deloitte-intel-help-enterprises-optimize-ai-genai.html
Hard to say. Maybe sunsetting CortexAI, but the underlying tech is is being applied to another platform or being rebranded? Who knows.
Great ya that definitely doesn’t look good for aiWARE
Don't think so. I saw a Deloitte post the other day that mentioned the sunsetting of CortexAI. I think that serves as not a good reflection of aiWARE prospects, but still ask why pay CS another million and 50k a month. Just don't know what value he provides anymore. Looks more like Veritone just bought him out of the Chairman role. I don't know.
No revenue growth. 2nd half guidance increase same as prior years that never materializes. Everything is always the next q or 2 and then blame shortfall on Amazon on the economy on inflation on interest rates or poor job growth. Never take any responsibility for their shortfalls.yes I agree need new C suite.
If that's the case with Bedrock being an orchestration platform for LLMs. In my inexperienced opinion LLMs are the 1st gen int the ai revolution and aiWARE cognitive abilities is 2nd gen. It would somewhat explain the move to consulting to help get customers in the door and help them adopt the technology to eventually use aiWARE. Idk but the earnings call obviously wasn't a homerun but I think they are going in the right direction. I guess it will really depend on the non-dilution deal they keep teasing.
agree. But they seem to have some loyal customers like CBS and Iheart. Why does RS stay at the helm? With aiWARE being nothing significant, not taking off like they envisioned, why doesn't he pass the baton to another CEO. Particularly since he dropped his salary to a buck. So he's basically getting stock grants for compensation and dependent on the stock.
Nor are any customers
To clarify my last post. I think Bedrock focused on LLM generative AI models. aiWARE has been all about cognitive models. It was early last year when Veritone announced Veritone generative AI. So I think there is advantage and interest to combine LLMs with cognitive AI models to target specific use cases. But what do I know. I guess I do know that investors and partners are not tripping over themselves over aiWARE
Well cpeter7, a while back you mentioned Bedrock being more for foundational LLM models/generative AI. I had responded that I did not think that Bedrock limited to LLMs. But I think you were right. I had a conversation with Google Gemini on that and it said Bedrock more for foundational generative AI models than cognitive models. But Veritone using generative AI LLMs via Bedrock to integrate with and enhance Veritone aiWARE applications. I think aiWARE can complement Bedrock with more domain specific applications. And I think Amazon would be interested in that. But so far no evidence.
Exactly doesn’t make sense. As KVM’s mentions all the time aiWARE is an internal product. Which seems to be reinforced by the that aws article you just posted. Veritone should be the last company that should be using Bedrock if aiWARE is working.
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