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They set a low bar with guidance. From what I'm reading, digital advertising is recovering. Amazon is back using Pando. Veritone has had some success at the Fed level (15M is better than nothing). The wild card is what will the balance sheet look like. jmo
If total incompetence, then they should reveal next week that they are out of money and folding up shop.
Just speculation, but could turn HR Solutions into a joint venture with someone like Amazon.
In the About Veritone section of today's PR, it says "Serving customers in the talent acquisition, media, entertainment and public sector industries,"
But they don't list talent acquisition as an industry on their website.
INDUSTRIES
Media & Broadcast
Sports
Government
Or maybe keep the entire company intact, and take on a strategic investment into the company. Believe the answer will lie when they finally get around to revealing plans for aiWare.com
as you said before, could be offloading Veritone one.
Business as usual. No worries about money. The PR suggests Veritone going it alone. And not selling public sector business. So still remains to be seen how they plan to have adequate capital.
They said this is all strategically planned. So when they say they are finalizing a strategic transaction, and hope to announce it by end of the third quarter. Well they didn't announce it by the end of the third quarter. So if nothing on strategic transaction next week, then the markets will assume that whatever "strategic plan" they had, fell through. So I fully expect some transaction to be announced. Can't believe they will go into next week saying they are still living off the 30M credit line.
Also have aiWare.com, which they still have said nothing about. Can't believe we will go through next week still not knowing anything about plans for aiWare and their new website.
Also we know, at least per google search than Amazon using Pando for hiring. So it appears they have reached some type of agreement. Also know Veritone involved with Amazon push into M&E.
All guidance is based on assumption of Amazon not returning.
A month ago, Amazon announced the general availability of Amazon Bedrock.
Today’s announcement includes the general availability of Amazon Bedrock, a fully managed service that makes foundation models (FMs) from leading AI companies available through a single application programming interface (API).
...Amazon Bedrock makes it easy for customers to find and test a selection of leading FMs, including models from AI21 Labs, Anthropic, Cohere, Meta, Stability AI, and Amazon, through a single API.
https://press.aboutamazon.com/2023/9/aws-announces-powerful-new-offerings-to-accelerate-generative-ai-innovation
This capability is along the same lines as Veritone's AION.
Enterprise AI Leaders responsible for IT, MLOps, ModelOps, ML, Data Science, or Digital Transformation spend significant time, money, and resources building and deploying bespoke AI models, each with different vendor APIs, in order to extract information and insight from hard-to-reach unstructured content such as video, images, audio, text, and data. Veritone has solved this API diversity problem through the formalization of a unifying, standard way to describe any object or data discovered by AI cognition.
https://www.veritone.com/press-releases/veritone-ai-object-notation-media-type-simplifies-storage-and-transmission-of-cognitive-ai-data/
One of the primary differentiating capabilities of aiWare. So I believe next week earnings will be the final determination for me as to whether aiWare as a platform, has any legs as what RS describes as "The Leading" enterprise AI platform.
"the" leading Enterprise AI platform. They're not afraid to post this, knowing that their audience on Linkedin includes some very huge companies.
https://www.linkedin.com/feed/update/urn:li:activity:7123699995844771841/
The market must not be aware of the disciplined financial stewardship.
Veritone stock has crashed over the past couple years along with many other tech stocks. But the major catalyst for Veritone was the loss of Amazon.
But looks like Amazon hiring through Pando has come back in a big way. Seeing Amazon Warehouse jobs now via Pando, and still a huge number of delivery positions. Amazon has a Delivery Service Partner program, and it looks like Amazon provides them with the recruitment tools.
https://logistics.amazon.com/marketing/opportunity
Amazon has also negotiated deals with third-party providers on recruitment tool discounts, competitive benefits for your employees, and unique programs to help you differentiate your company and provide a compelling employment experience.
Some things starting to happen in the market that imo makes aiWare attractive.
Chatgpt was released late last year and since then large language models have been all the rage. But now everyone is discovering its limitations because every LLM is only as knowledgeable as its data set. Now enterprises are understanding that LLMs need to be paired with other domain specific data sets, to get smarter and provide better context. That's right up aiWare alley.
Another thing is that now the LLMs are being challenged because much of the data has been scraped from other companies. https://www.forbes.com/sites/siladityaray/2023/07/24/top-news-publishers-are-reportedly-planning-to-sue-ai-firms/?sh=6811a988816f
aiWare could help these companies monetize their data, not just for content licensing, but also for training data.
The platform makes sense to me. I'm sure there are other platforms that are competitive with aiWare, but there should be real interest out there, especially at Veritone's current valuation. jmo
Can only speculate. We know Chad is into origami. Veritone logo is based on origami. And the Falcon logo was an origami. Could all be leading up to aiWare being the strategic transaction. But it has never paid off to speculate on this company.
Two things that give me at least a shred of confidence in this miserable investment. 1. aiWare is legitimate, even though so far not yet scaled. At least as an in house platform, they have been applying it to real world commercial applications since inception, and continually developing it by working with partners and customers.
2. Have said over and over, they hardly talk about it, at least in social media. They don't appear to be desperate at all to try to market it as a platform. And I would think 2023 would have been the year to try to make aiWare known to all in social media, if they felt marketing was needed. For some reason they don't think aiWare marketing is needed.
aiware. website now back to Version 3.46. And now just aiWare. No more Falcon.
Almost a month has gone by since your post, and still today, have never seen so many Pandologic Amazon Delivery Driver open positions.
Just some more observations on the 10/17/23 DOJ PR
In the Businesswire PR it says:
"-Veritone, Inc. (NASDAQ: VERI), a leader in enterprise AI software and services,"
https://www.businesswire.com/news/home/20231017959792/en/
However, the same PR on Veritone website says:
" Veritone, Inc. (NASDAQ: VERI), the leader in enterprise AI software and services"
https://www.veritone.com/press-releases/department-of-justice-awards-veritone-sole-contractor-blanket-purchase-agreement/
- They did not use this PR opportunity to tout aiWare. Just say " Veritone software and services" or " Veritone’s Public Sector solutions "
- I think for whatever reason they sat on this news, and could have at least alluded to it even if in vague terms during the August conference call.
Back in April, Cpeter posted information on the 15M contract. This was one of the inquiries:
We have been working with a law enforcement division in
the DOD that is looking for a vehicle for similar investigatory
work as discussed in this contract. We understand per
section 10.2.7.DOJ-03.4.C.5.1 on pages 53-54 in the BPA
SOW that DOD agencies can potentially be supported by this
BPA. There are two sections that are inconsistent as to the
contract ceiling. Section 5.1.7 on page 10 states “The
maximum aggregate amount of all BPA Calls issued under
this contract shall not exceed $15,000,000.00 for the entire
term of the contract, including all options which may be
exercised.” However, Section 9.1 on page 23 states “The
government estimates, but does not guarantee, that the
potential cumulative volume of purchases associated with
all BPAs issued is $15,000,000.00 This is not a maximum
ceiling amount; it is strictly an estimated value and may be
exceeded at the discretion of the government on a
unilateral basis.” Please confirm - is there a maximum contract ceiling for this
BPA, and if so how much could the Department of Defense
(DOD) add to the contract?
Answer:
The maximum contract ceiling is $15,000,000.00. The DoD is not
considered as a customer for this requirement. The respective
section refers to the DD Form 254 process.
Sounds like the DOD can access the services without being subject to the $15M limit.
All speculation, but I guess it is possible that although the contract of 15M is small, it could open the floodgates at the federal level.
But when they don't use the PR opportunity to mention advantages of aiWare, just think they may have plans for aiWare that they don't feel the need to PR it. jmo
But what about Project Goldfish? lol
Deloitte supposed to be a strategic partner. Supposed to be pushing aiWare at the fed level. Assuming that any effort on the part of Deloitte will be part of CortexAI efforts.
When I see the new information on aiWare.com, just makes me wonder why they have went silent on marketing aiWare and it's capabilities. There are a ton of tradeshows, and conferences geared towards data science and analytics that they could be attending.
But how do they market all these different businesses that they have. They want to be big in HR tech, Government, M&E, and advertising. No potential HR customer is interested in hearing about their DOJ win. No government customer is interested in their M&E marketing. No potential aiWare customer is interested in Cameo for Kids. Think it is a real problem trying to be in all these different types of business.
But seems crazy to me that they wouldn't be marketing their aiWare capabilities. Don't even mention aiWare.com. Why? Maybe it's like they say, some sort of "strategically planned approach. But something has to happen to make marketing of these different businesses less confusing.
Yesterday I said that it looks like they are going it alone with aiWare.com. But if that's the case, then it makes no sense to me why they are not shouting on Linkedin about aiWare capabilities every day. Seems there must be something in place that causes them not to be concerned with pushing aiWare in public.
agree.
Could be some tech services heavy company out there that is cash rich, and needs to get more into AI. Will say Veritone has created some opportunities for someone. Veritone spread too thin into all these verticals to scale out on their own. Plus they ran out of money. But say disciplined financial stewardship and strategically planned. So maybe strategic transaction has been in the works for some time. Some type of merger.
Thinking that any strategic transaction which sells an asset, would seem that it also has to involve the convertible note holders. They already appear to be getting the shaft with the new 30M credit line.
But I don't think Veritone can just sell something to keep them alive for another few months, without answering to the note holders.
On another note, somebody huge could come in and make an investment into Vertione which could send the stock above the conversion price. Then they wouldn't need to worry about the debt at all.
How do you make sense of spending 53M on Broadbean, knowing your cash will then run out. And then saying "disciplined financial stewardship and a strategically planned approach"
And they don't seem to be worried.
Or why no activist investor or no low ball bid for the company.
Probably have known that for a couple years now. Bought Pando for 115M, and Broadbean for 53M. Pando never mentions aiWare, neither does Broadbean.
Only outside investments made for aiWare are Atigeo, Machinebox, maybe Wazee Digital. Small fraction of what they have invested in HR tech.
Plus, will say again, AI has been all over the news since late last year, and Veritone has not done any aiWare marketing. Don't even bother to tell anyone about aiWare.com.
OK thanks. It all looks like Veritone still going it alone on aiWare. Still list the same old customers, ESPN, Iheart, Draft Kings, Giants, etc.
Don't see Snowflake anywhere. Or Opentext.
Would expect to finally see news concerning aiWare.com at least by earnings date. But like you say, it's Veritone, so who knows. It all looks promising though. And we know Veritone needs a capital infusion, so maybe there is more than Veritone behind all this.
version 3.46 added the self service sign up and that is still there. So don't know what that is about. When the site first came online they had Version 3.5
Yeah, last night they didn't have all the new features, but I had noticed they reverted back to version 3.45 from 3.46.
Bad day for most tech stocks. Veri up 6%
Usually Veri gets hammered along with the rest of them. Hope it's a sign of things to come.
I could see them merging with some sort of services oriented tech company. Think maybe they have to go more into services along with the software. Not making a living on software alone.
Still find it interesting that they have made aiWare available for self service, but not announcing it. Maybe hear about that as well.
Any transformation of the company should be better than what it is now.
Well at least we know now that nobody appears interested in acquiring Veritone or aiWare. At least not to terms acceptable by Veritone. Looks like Veritone continuing to go it alone.
You could be right. They have to find some money somehow. Selling or spinning off Veritone One makes sense.
To me, today's PR indicates no spinoff of aiWare division.
a leader in designing human-centered AI solutions
Veritone (NASDAQ: VERI) designs human-centered AI solutions.
Sounds service - oriented to me. Maybe going to branch out into designing custom solutions for customers, instead of just relying on a few applications like Digital mediahub, and Redact.
It used to be that they would go through that humans in the loop, humans on the loop, and ultimately get to humans out of the loop.
Now noticing that they say Humans On the Loop. And now with todays PR saying human centered AI solutions. So looks like they are changing their narrative again to emphasize that they want humans to still be involved, instead of out of the loop.
I notice on the "about Veritone section" of today's PR, they no longer mention partners.
Todays PR.
Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere.
Yesterday's PR
Veritone’s leading Enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through its robust partner ecosystem and professional and managed services, Veritone develops and builds AI solutions that solve problems of today and tomorrow.
Think it is interesting no longer mentioning partners. And at the same time, they are starting to PR and market their Federal Gov't business. Yesterdays PR was Fed Government. The PR on Congress and partnering with Chesa is Federal government.
Today they posted on Linkedin what they call a "Live" event webinar, involving John Gacek. Webinar concerns Federal government.
https://www.linkedin.com/feed/update/urn:li:activity:7120456017213095936/
By the way, it is NOT a live event. In fact you can see it here, pre recorded.
They didn't say when earnings would be released last quarter either. https://www.nasdaq.com/press-release/veritone-to-hold-second-quarter-2023-results-conference-call-on-august-8th-2023-07-13
If nothing else, maybe today's PR is a sign that that they are done "changing the narrative". Last year they said they were leaving the Fed government to partners, and narrative will be all on ecosystem. The last two PRs have been concerning the federal government.
But tight lid remains on the stock unless they announce a favorable solution to their crappy balance sheet. jmo
Looks like it's the same deal that they were working on back in April.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171669597
thanks.
just curious, when you are navigating around your "free" version, at the bottom, do you see
© 2019 – 2023 Veritone, Inc. All rights reserved.
or
© 2023 aiWare, All Rights Reserved.