Developer of ‘Operating System for AI’ Reports Huge Revenue Growth in Q1 Update

Developer of 'Operating System for AI' Reports Huge Revenue Growth in Q1 Update

California-based AI specialist Veritone is reporting huge growth in its latest fiscal update, reflecting broader excitement over Artificial Intelligence technologies.

The company says that in the first quarter of this year, it brought in net revenues of $12.1 million – “above the high end of our guidance range,” as CEO Chad Steelberg explained in a statement announcing the results. Veritone’s EBITDAS loss rate, meanwhile, was reduced to 77 percent, compared to 233 percent in Q1 of 2018.

The company is best known for its aiWARE platform, which it describes as an ‘operating system for AI’. The platform offers a range of applications for its AI technology, including speech analysis, object recognition, and biometric facial recognition.

“As we continue to enhance and improve our aiWARE operating system with new features, capabilities and components, we are able to more rapidly develop and deliver applications to meet specific use cases,” explained Steelberg in the Q1 announcement. “With growing momentum in all of our businesses, the amazing customer response to our new applications and our pipeline of exciting products under development, we are very excited about our growth prospects for 2019.”

If that growth is realized, it’s likely to come in the second half of the year, with Veritone projecting consistent net revenues for Q2, in the range of $12.1 million to $12.5 million.