Monday, April 20, 2020

Veritone Picks Up $6.5M In PPP Loans

Costa Mesa-based artificial intelligence software developer Veritone--which is publicly traded on the NASDAQ as VERI--reported that it has received a total of $6.5M in loans under the Paycheck Protection Program (PPP). The company said the loans, from Sunwest Bank, will allow it to continue operations without salary reductions, layoffs, or furloughs. The loans are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Veritone has over 300 employees and had 2019 net revenues of $49.6M. Chad Steelberg, the Chairman and CEO of Veritone, said in a statement that "Small businesses are vital to the nation's economy, and we are grateful the CARES Act established a safety net to help companies like Veritone weather the significant disruption and uncertainty associated with the COVID-19 pandemic."