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Looks like we finally learn more about Veritone Hire plans this month.
https://www.linkedin.com/feed/update/urn:li:activity:7180950273886990336/
https://www.linkedin.com/feed/update/urn:li:activity:7180950548475523072/
been seeing a lot of Veritone employees announce AWS certifications.
https://www.linkedin.com/feed/update/urn:li:activity:7180595888552116224/
Don't see anything new on the 10k.
Nothing new on aiWare. Still wonder what CS accomplished other than receive a windfall of compensation.
Right now, assuming that Veritone has any partners working with aiWare, what is happening now that the partner portal is down?
Can only go by the limited information made available to the public but I will take a shot at that.
Small company going in too many different directions. They started as an advertising company, then in addition to advertising became an AI platform company. Then got into various applications targeting government and M&E. Then decided to get into the energy business. then decided to get into the HR tech business. All while being a small company. But in all these different directions, it was all running on aiWare. So not only are you spread thin trying to compete in all these different industries, you are trying to develop and commercialize an AI platform. All within a small company with limited resources. So basically spread too thin, trying to be all things to all people, lack of focus.
Led by the hubris of CS. CS tipping point comments were more wishful thinking than anything based on reality. And they took a gamble, and lost, with those convertible notes. Became financially challenged.
Since RS took the helm, all about making lemonade out of lemons. Focus and double down on what market penetration you do have. Work on a new roadmap for aiWare. New roadmap looks to me to be less about aiWare as a standalone platform, and more about using aiWare as a bargaining chip to open up market opportunities for the various verticals (HR, Public Sector, M&E).
Your comment: "So if Ai so hot why isn't anybody knocking down doors to invest in or buy Veri outright." I think they did have interest back in early 2021. According to Bloomberg, it was reported that there was interest in buying Veritone, or parts of it. Said Veritone would not consider any deal that Values the company less than $70 per share. The interested parties said "No Thanks" Veritone blew it by being too confident/greedy. jmo
So if Ai so hot why isn't anybody knocking down doors to invest in or buy Veri outright. Think we are missing something here. Unlike alot of these startups Veri has proven Ai applications and tech in the Ecosystem and maybe some broader markets. Have customers have partners have revenue. Definitely not seeing something. How can Soundhound be valued at 2.5 bil and Veri 200 mil. Completely baffeled.
But looks like Diamond4jobs does not work exclusively with Broadbean.
Diamond4jobs provides an intuitive client dashboard. We also are fully integrated with Broadbean, LogicMelon, Job Mate and Idibu multiposting systems.
Looks like it was dissolved back in 2014. Maybe Broadbean resurrected it somehow.
https://find-and-update.company-information.service.gov.uk/company/07311479
Have no idea if connected, or if they just have a partnership.
Here is their free offer.
https://diamond4jobs.com/free-job-adverts
their website
https://diamond4jobs.com/
I could be wrong, but I just thought Broadbean was offering free job postings to Diamond4jobs.
Is Diamond4jobs a separate company or something to do with Broadbean?
Not only is Docs still down. Also the partner portal on Veritone website is down for me.
All coming at the same time
- aiWare UI staff lade off, and apparently to them it was unexpected.
- aiWare removal from AWS marketplace
- SR Direct Corporate Dev new duties for corporate development in AI Solutions Group and GTM with AWS
- Investigate now saying powered by AWS.
Things happening imo
Think that refers specifically to Diamond4jobs.
Broadbean says traffic has increased 100 fold in last 3 months yet want to give service away for free for 3 months. Makes no sense.
It's not just aiWare release notes page that is down. It is docs.veritone.com, release notes page was part of docs.veritone.com
Possible bt they have ways of disguising and covering these disclosures. Never in black and white. I think next interesting thing is these Fed contracts. $ amounts will be telling. Hopefully we get that before or during May EC.
I think all these changes in business strategy are another reason why delay in 10K. May not be exclusive, but we know they have GTM plans with AWS. Formation of AI Solutions Group. Think the way they define their business has changed since the November 10q filing. Maybe wanting to delay disclosure of all this as long as possible.
your comment:
And regarding Aiware I think the elimination from AWS market place that Aiware is not a stand alone product and only is a platform that comes with Veri applications to run on and eventually with possibly third party applications.I think that the official formation or renaming to Ai Solutions Group is evidence of that. Aiware wasn't getting in any door alone. It needs initially Veri applications and than can be built upon after that.
Your comment is supported by the the description of business on the 10Q.
"The Company’s proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a suite of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. "
I agree with your assessment. I think Veritone, and other companies have learned the hard way that it's hard to sell a standalone AI platform or raw AI solutions. You have to have applications that go along with it. Applications show the platform in action, and target actual business use cases. Hard to get companies to start developing on your platform. Another thing is companies don't want to develop on a platform when they don't know if the platform is going to survive, or the company that owns the platform is going to survive.
your comment:
I think that the official formation or renaming to Ai Solutions Group is evidence of that. Aiware wasn't getting in any door alone. It needs initially Veri applications and than can be built upon after that.
Agree. And I think they have known this for a long time. All part of RS changing the narrative, focusing on ecosystem. Have not marketed aiWare as a standalone product for ages.
In the old days, CS was all about the platform. Only wanted 1% of applications on aiWare. CS even said "we had to develop applications to demonstrate aiWare." Now under RS, it is more about the applications. They've had to roll with the punches and switch gears.
The other thing is the formation of the Ai Solutions Group. Now they realize to get in the door for Ai they have to start as single Solutions providers like a Plantir etc.Dream of Aiware and billions of end users is dead. Still early in the game to make Veri a 500 mil+ annual revenue company and profitable. I think once ad agency gone can then be viewed as true ai company and be valued accordingly.
Yea doesn't come up for me neither. After reviewing our discussions yesterday and all the other info, I have to reevaluate my comments and go back to my original analysis. After going back over ECs I am of the opinion now that the cost and revenue synergies comment relates to cost and revenue synergies from the the Broadbean and Pando combo and not from any outside hook up in whatever form that would have taken. Also any balance sheet improvement is coming from sale of ad agency and not any outside hook up in what ever form. And regarding Aiware I think the eliminatio from AWS market place that Aiware is not a stand alone product and only is a platform that comes with Veri applications to run on and eventually with possibly third party applications.I think that the official formation or renaming to Ai Solutions Group is evidence of that. Aiware wasn't getting in any door alone. It needs initially Veri applications and than can be built upon after that. As far as AWS is concerned they are just a Veri channel partner with some type of sharing arrangement with possibly Aiware and Bedrock and common customers. To remain cloud agnostic can't be in bed with AWS. In summary the only things I can hope for is traction in the Fed which looks like that may be happening, Vrritone Hire somehow being dominant player in recruitment and an outright sale of company sometime in near future. Right now have comfort knowing a major player in M& E and hopefully that takes off including the sports verticle.
aiWare release notes page doesn't come up for me anymore
https://docs.veritone.com/#/versions/readme
Going to be traveling here soon, but one last point.
The August 2023 earnings call, just coming off the Broadbean purchase, also includes this quote.
With the disciplined financial stewardship and a strategically planned approach, Veritone is well on its way to becoming a long-term dominant player in the enterprise AI field.
So again, when talking about revenue and cost synergies and gtm beginning in 1st half of 2024, based on quotes from August earnings call, appears strategically planned since the Broadbean purchase.
But like you say, we can go around and around on this. Need the news. Hopefully something as we get closer to NAB.
Still no real connection yet between Veritone Hire and AWS.
But through job postings, updated Linkedin profile, AWS marketplace changes, it appears that a significant part of Veritone GTM plans involve AWS.
Quote from August 2023 earnings call:
From a strategic perspective, Broadbean is integrated in over 100 applicant tracking systems with global customers across the EMEA, North America and APAC and is integrated with over 2,500 global job board providers accelerating our previous product roadmap by years. With the addition of our programmatic advertising solutions, we expect to realize significant revenue and cost synergies beginning in the first half of 2024 as we finalize our go-to-market and sales strategies.
So if GTM with Amazon does not include Veritone Hire, they sure are keeping Veritone Hire GTM plans a secret.
And they came out with Ask Veri, but they still have not come out with marketing of conversational AI aspect of Veritone Hire. Since Veritone Hire includes Wade and Wendy tech, would have thought they would be marketing conversational AI in HR by now. Gotta be around the corner.
Also, Veritone obviously would like to see Amazon hiring revenues come back. Always saying we are taking a conservative approach to Amazon.
Well if you want Amazon hiring revenues to come back, then you better make sure that Amazon is agreeable to putting Veritone Hire on top of aiWare platform.
Their guidance they say is "very conservative" and assumes 5% revenue contribution from Amazon.
If AWS involved with aiWare plans, then can definitely see revenue synergies with Veritone Hire.
Built on enterprise-grade architecture powered by AWS Commercial
Why wouldn't Veritone Hire be part of this, if Veritone Hire is now running on aiWare.
The Veri mystery continues. On my pessimistic side Zemetra has slurred his words before. Same guy who said had 10 yrs of cash left. So cautious and leary when something coming from him.
Still have no idea all that was accomplished in 2023 with aiWare roadmap. And during development of aiWare roadmap, saw fit to drop 52M on Broadbean. Don't know why a small fledgling company would take on another huge undertaking, knowing they would be strapped for cash, unless some underlying strategy.
And, taking all Broadbean customers and migrating them to aiWare platform. Risky business if going it alone. But we see all these big players like Bullhorn, ADP, Linkedin mentioning Veritone Hire.
What struck me from that post was "cutting edge technology". Veri never used that description. So maybe I'm not giving Aiware the recognition or credit it deserves. Maybe not just internal. But it remains to be seen.
Again talking about revenue and cost synergies and only way to achieve is some form of sale or purchase or combination whatever forms they take. And really only thing that Veri has along those lines is Aiware. So with headcount reduction in that "division" points to something happening with Aiware as well as CS departure.
Also, if going it alone, and explosion of demand for aiWare platform, why take aiWare off AWS marketplace.
Put another way. If Veritone is going it alone on aiWare, and there is an explosion of demand for aiWare platform, then does not make sense to layoff aiWare staff.
Was also thinking about yesterday's layoffs in aiWARE UI.
And this quote:
We're seeing an explosion
of demand for Veritone’s AI applications, aiWARE platform and solution capabilities, with the largest
qualified pipeline on record,
Assuming RS is being truthful, if they are seeing an explosion of demand for aiWare platform, then why lay off aiWare staff?
If aiWare UI is focused on making aiWare visually appealing and easy to use. aiWare taken off of AWS Marketplace. Possible integration with Amazon. Well if aiWare being integrated, makes sense that Amazon would have their own UI.
RS said not selling AI, but selling solutions. So makes sense that maybe they are no longer as focused on the UI aspect of aiWare.
But just generally speaking, if an explosion in demand for aiWare platform, then laying off aiWare staff also suggests some sort of tie-up in aiWare division. jmo
Well said. We talk about the obvious companies like AWS, Deloitte, etc. But there are hundreds of possibilities that are not even on our radar.
Getting back to EC and Zemetras revenue and cost synergies and particularly revenue synergies comment. It seems to me only way to achieve revenue synergies by definition is the combining of companies. So to your point something along those lines is going to happen. My take is with the current job postings and sale of ad agency Veri remains as standalone company or the remaining company in some kind of merger. But as we discussed a joint venture or something along those lines also fits the scenario. They want to remain cloud agnostic so not sure how AWS would fit. You mentioned Deloitte which could be a possibility but don't think so. May be someone out of blue. Combination would imply not a major player but somebody Veri size or similar. I guess the possibilities are endless. But revenue synergies implies something is going to happen and I think in the way of a joint venture. But we shall see.
UI is user interface. Front end app development. I'm no expert.
From Google Gemini
Front-end developers focus on user experience (UX) and user interface (UI) design to make these applications visually appealing and easy to use.
Got it user interface. Not sure what they exactly would do. Who is tech savvy that can tell us.
Well know they think of it as cutting edge. So that's promising. Sounds like though they were blindsided by the layoffs. Seems like it affected Aiware UI. Not sure what that is
All I can say interesting. Don't believe in coincidences but you never know.
Also, a joint venture with Deloitte instead of AWS would keep the platform cloud agnostic.
Deloitte dropping the CortexAI name could be part of the process. aiWare dropping from AWS marketplace. Could all be part of platform joint venture plans.
Agree.
I am also not throwing in the towel on Deloitte. I find it interesting that in addition to all we discussed, at the same time, Deloitte just now added AIOPS.D to AWS. AIOPS.D built on CortexAI. Deloitte no longer marketing the name CortexAI as of early March, looks to me. But aiWare was integrated into CortexAI. And with AIOPS.D just being added to AWS marketplace, I wouldn't rule out Deloitte being a part of this "joint venture or investment" as you say.
Still say, AIOPS.D description sure similar to CDI/aiWare
I think with all the new job postings in marketing it may be some type of joint venture or investment where AWS services and maintains and develops Aiware platform. Can't see an outright sale. I think sale of ad agency takes care of most of the debt. These major players are investing billions in ai cos. Got to be something there for Veri. GOT TO BE
Think a deal on aiWare could wipe out the debt, give them a good chunk of cash, ongoing expenses significantly reduced. Then Veritone would have a healthy balance sheet, and would be locked and loaded with HR solutions, M&E solutions, and Public sector solutions, all running on a platform that is in reputable hands.
Cost and revenue synergies.
Like you say, enough speculating, need the news.
Totally agree. Lol Hope it is all true
aiWare is a division of Vertione. Used be called a vertical. Veritone a small company, now focusing on solutions like DMH, Investigate, Veritone Hire, etc.
Think Veritone is too small and too spread thin to be able to continue to support and develop aiWare.
Especially when you think about Veritone's comment that they are in final stages of enterprise level deals with the Fed. If aiWare is expanding and scaling with the federal government, does it really make sense for ongoing aiWare development to be under the roof of little Vertione.
In yesterdays interview, RS said, we are not selling AI, we are selling solutions. Again, aiWare taken off of AWS Marketplace, goes along with not selling AI, selling solutions.
Someone like AWS can take aiWare and put a lot more investment into it. And someone like AWS can really help Veritone scale the solutions that Veritone has built on aiWare. jmo.
Would be nice let's go already. Can't sell Aiware outright if all Veri apps running on it. Maybe some type of license deal. Hate speculating. Hopefully we know something in May.
OK but don't you need engineers to service and innovate for Ai platform. Obviously also part of 14% headcount reduction.
Maybe downsizing staff as part of the integration?
Maybe they sell aiWare to AWS or give them an equity stake. AWS integrates it into Amazon Bedrock. And AWS helps Veritone GTM for Veritone applications?
This comment from the NAB brochure
check out Veritone’s workflow integrations with leading media partners like Amazon Web Services (AWS)
Yeah, when it comes to the NAB show, media and entertainment, it's all about DMH, which runs on aiWare.
We know that Veritone Investigate is DMH, running on aiWare.
From the AWS Marketplace
Built on enterprise-grade architecture powered by AWS Commercial
And aiWare taken off AWS marketplace. So in my opinion, the NAB brochure supports that theory that aiWare integrated with AWS.
Also know that the Sr. Director of Corporate Development starting March 2024 has additional duties of corporate development for AI Solutions Group and gtm with AWS.
And what about Veritone Hire which they don't talk about lately. That is running on aiWare as well.
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