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Yeah nothing to write home about. Near term transaction becoming long term. No signs of "disruptive" growth or "exploding demand". Maintain year guidance and say very conservative. So either there is some catalyst that needs to take place that unleashes the disruptive growth and exploding demand. Or these are just the typical Steelberg BS quips. Encouraged that they are back to doing analyst conferences. Hope they get more than just softball questions. Surprised Banta today did not ask more interesting questions.
Could be. Hopefully see something today on this non-dilutive transaction that vastly improves the balance sheet
OK so yesterday Veritone added Illuminate and Identify to AWS marketplace.
- Under Veritone Identify, there is no mention of aiWARE
- under Veritone Investigate, just says "Built on enterprise-grade architecture powered by AWS "
- Under Veritone Illuminate, says "Built on the Proven Enterprise AI platform, aiWARE
The proven enterprise AI platform, aiWARE, is the foundation that powers purpose-built applications for public safety and legal professionals alike. "
Why not say "Our Proven Enterprise AI platform, aiWARE. Instead of "the"?
In today's PR, it says "By combining human expertise with aiWARE™ technology, " Why not say our aiWARE platform?
maybe announcing a deal after the bell, haha
Next step up would be "Premier" Tier Service Partner.
Still can't understand why no Media and Entertainment.
As an AWS Marketplace seller, Veritone offers numerous AWS-validated offerings in key areas such as machine learning and public safety.
M&E is the legacy vertical. Why no M&E offerings like Attribute and DMH.
Maybe we see a strategic transaction? We know Amazon demonstrated an Amazon branded DMH.
Who knows?
They appear to be selling their soul to Amazon, but so far getting nothing from Amazon in return. Don't understand this since Veritone at least trying to drive business Amazon's way.
earnings call was on March 12, so yeah, most of 1st quarter was known. They need to get Amazon to acknowledge aiWare. Back in 2022 when RS became CEO, they said partners would focus on aiWARE business outside of ecosystem. Still no evidence.
Hope today's PR is not a precursor to bad numbers. I saw yesterday that Matt O'Connor, Chief Revenue Officer for Pandologic is now gone.
What are they doing with Veritone Hire?
Yeah and DMH their most used product and PR gives DMH example with US Soccer, but DMH not on AWS marketplace.
A lot to unpack in today's PR.
- As an AWS Marketplace seller, Veritone offers numerous AWS-validated offerings in key areas such as machine learning and public safety
So far, only 3 offerings listed on AWS marketplace. All public safety. Why no media and entertainment offerings or Veritone Hire or aiWare?
- Why can't this PR include a quote from Amazon? Everything Veritone does helps to drive more business to AWS cloud. Seems like it would be the least Amazon could do.
Still no updates on the status of Veritone Hire. They spent all this money on HR, and now announcing a new consulting business.
Now added Illuminate to AWS Marketplace
Says "Built on the Proven Enterprise AI platform, aiWARE"
https://aws.amazon.com/marketplace/pp/prodview-2hn5m3f5pin4i?sr=0-2&ref_=beagle&applicationId=AWSMPContessa
So wonder why Illuminate built on aiWARE but Veritone Investigate "Built on enterprise-grade architecture powered by AWS Commercial"
some highlights from that article
- firm has increased its headcount by more than 40% to about 220 employees today and last year an 83% increase in new contracts signed when compared with 2022.
- saw revenue climb by 25% last year from 2022,
- Langsam declined to disclose the company's annual revenue, saying only that it is under $100 million.
added Veritone Identify to AWS Marketplace
https://aws.amazon.com/marketplace/pp/prodview-ofler2haiuz2k?sr=0-2&ref_=beagle&applicationId=AWSMPContessa
Yes, they have had a relationship with CBS for years. Veritone acquired that relationship with CBS when Veritone acquired Wazee Digital.
The relationship has apparently expanded. From the last earnings call:
In Q4, our team successfully implemented expanded CBS Evening News content Ingestions, which includes the delivery of all news segments in near real-time across the Veritone marketplace, providing an unmatched user experience for content buyers. Specific to our partnership, CBS News licensing revenues grew 43% year-over-year internationally.
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.
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.
It doesn't sound like a hack to me. Sounds like two databases were left exposed allowing anyone to to enter without any authentication.
Have not heard of Veritone involved with the Federal Reserve before.
Hope they have a handle on this
https://www.upguard.com/breaches/veritone
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.
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.
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.
Just curious, how do you know what bank it is?
RS interview
hogging all the air time lol.
good question.
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.
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.
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
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.
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
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.
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.
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.
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.