Friday, May 19, 2017

Veritone Raises $33M In IPO

Newport Beach-based Veritone, a developer of artificial intelligence and analyics software, has raised $33.0M in is IPO on the NASDAQ. The company, which now trades under the symbol VERI, sold 2,500,000 shares of its common stock at $15.00 per share. In addition to the offering, Veritone said Acacia Research Corporation exercised a warrant to purchase an additional 2,150,335 shares of its common stock, which resulted in an additional $29.3M to Veritone, plus $8.0M in a line of credit from lenders, giving it a total of $66.3M in net proceeds related to the IPO. The IPO was managed by Wunderlich, along with Craig-Hallum Capital Group and Northland Capital Markets. Veritone was founded by Chad and Ryan Steelberg.