NEWPORT BEACH, Calif., June 9, 2016 /PRNewswire/ -- Veritone, developers of the world's first Cognitive Media Platform (CMP), was announced as a winner of the Red Herring 100 Award, one of the industry's most prestigious recognitions. The 2016 Red Herring Top 100 North America is a prestigious list honoring the year's most disruptive, innovative, and exciting technology companies. At the helm, Veritone is celebrated as one of the top 100 most promising private technology ventures in the North American business region, selected from a pool of thousands of top tier start-ups and cutting edge candidates positioned to grow at an explosive rate. This recognition is further evidence of Veritone's unparalleled innovations, veteran leadership and industry expertise, and adds to the company's many achievements this year.
Red Herring has been selecting the most exciting and promising start-ups and "scale ups" since 1995. Finalists are still evaluated individually from a rigorous 3-step process that looks at all aspects of the company. Twenty major criteria underlie the scoring and process. They include, among others: the candidate company's addressable market size, its IP and patents, its financing, the proof of concept, trailing revenues and management's expertise. Each company goes through an individual interview after filling out a thorough submission, complemented by due diligence from the Red Herring panel.
About the Award Winning Company:
Based in Newport Beach, California, Veritone, Inc. was founded in 2014 by serial entrepreneurs, Chad and Ryan Steelberg, who have a successful track record in identifying new market opportunities, creating disruptive technology- based companies, and leading them to successful exits for their shareholders. Veritone is a cloud computing company that provides businesses, institutions and consumers with the ability to identify, harness and capitalize upon critical intelligence embedded in audio and video content, which comprises an estimated 72%+ of all global data produced each year. Veritone's innovative technology has created a tremendous, high growth market opportunity that impacts numerous multi-billion dollar industries.
Product & Technology: Veritone has created the world's first Cognitive Media Platform (CMP) - an open technology platform that enables software developers, businesses, and content owners to programmatically analyze public or private media to gain valuable insights, make decisions and take action - actions that increase revenue, improve operational efficiencies, and enhance customer experiences. Veritone optimizes the deployment of a portfolio of cognitive engines (such as natural language processing, speech recognition, sentiment analysis, facial recognition, object detection & classification, attribution, fingerprinting and others) and correlates the data derived from these engines with any third party data set to enhance understanding, formulate predictions, and optimize action.
CMP Architecture: As cloud computational speed, power and scalability have dramatically improved, with near ubiquitous adoption, Veritone has seized the opportunity to capitalize on this trend - creating the first cloud-based software environment to host and extract cognitive data produced by third party engine developers such as Microsoft, Nuance, Clarifai and Dextro to name a few. Veritone has created the tools to test and validate the results of any cognitive engine and optimizes which cognitive engines to deploy for any given type of media - the output of which is a proprietary data set that is essential for delivering insight and solutions to our customers.
IP, Infrastructure: Veritone's proprietary technology is protected by over 90 issued and pending patents, operates seamlessly across leading cloud infrastructures (Microsoft, Amazon and Joyent) and is built on the latest technology stack (Go Lang, Node, ElasticSearch and Containers). Our engineering team has written over 2 million lines of code to create the CMP, the heart of which contains a temporal elastic database that stores and correlates the knowledge set created by our cognitive engines, resulting in an intelligent media service that is highly reliable, efficient, scalable and cost effective.
Veritone Objective: Veritone's objective is to build the world's largest intelligent index of public and private media, and provide customers across industries with the ability to leverage the inherent value locked within their media through the most comprehensive cloud-based cognitive platform ever developed. Visit us at www.veritone.com
Chad Steelberg, CEO, Veritone, said:
"Our mission to transform the world's media into actionable intelligence is a simple notion with profound implications. Our goal is to offer businesses a solution that will analyze media through various cognitive engines in near-real time to enable better decision-making and advanced business intelligence while providing unique monetization opportunities to partners and developers. We are honored to be recognized with one of the industry's most prestigious awards as we continue to expand our ecosystem to include the most advanced cognitive tools available today and into the future."