U.S. Markets close in 5 hrs 39 mins

Veritone Inc (VERI) Stock Skyrockets After Receiving AI Award

Karl Utermohlen

Veritone Inc (NASDAQ:VERI) shares skyrocketed as the company’s AI platform has been awarded a top award at IBC.

AI

Source: ©iStock.com/carloscastilla

The IBC awards honored Veritone’s artificial intelligence solution, naming it the “best of show.” The product in question is aiWARE, which is a multi-engine platform that runs in a Quantum StorNext-managed environment.

The StorNext 6 platform has received a number of updates that shares how much Quantum has advanced in the workflow storage segment of the AI industry by offering high-resolution workflows.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

One such example of this advancement is Veritone’s multi-engine AI platform in the StorNext environment. The aiWARE platform is a hybrid on-premise and cloud version of the company’s cloud-based AI platform, providing an integrated solution with StorNext workflow storage.

The combined technology allows users to use Veritone’s cognitive analytics with top cognitive engines in areas that include object recognition, optical character recognition and transcription, offering new value from the company’s on-premise video and audio content without moving it to the cloud.

VERI shares soared 14.9%, now trading for a new high of $53 per share. The last month has been a productive one for the stock as VERI shares have surged 353.7% over the last 30 days.

Veritone’s cloud-based AI operating system provides an integration and orchestration of an open ecosystem of cognitive engines that work alongside its suite of applications. This suite offers insights from large amounts of audio, video and structured data.

More From InvestorPlace

The post Veritone Inc (VERI) Stock Skyrockets After Receiving AI Award appeared first on InvestorPlace.