Patent licensing firm Acacia Research Corporation agreed yesterday to provide up to $50m in convertible funding for Veritone, the US-based developer of a cloud system that can extract data from media.
Acacia will issue two $10m convertible loans upfront, with an additional $30m to come based on Veritone meeting certain undisclosed milestones.
Founded in 2014, Veritone is working on a platform that usea artificial intelligence technology to analyse, index and search video and audio data for objects, faces, voices, logos, phrases, sentiment, text and translation, and makes each second or frame searchable.
The funding will be put towards global expansion, and Acacia will offer assistance in growing Veritone’s patent portfolio and pursuing an intellectual property strategy. Acacia executive chairman Louis Graziadio has joined Veritone’s board of directors.
Graziadio said: “Veritone is led by an impressive and proven management team and is developing one of the most exciting and promising technology platforms our team has ever seen.
“It is estimated that 50% of business solutions will incorporate predictive analytics computing functionality by 2020, and we look forward to developing strategies with Veritone to expand their global reach.”
Veritone raised $15m in July 2014 and another $34m in February 2015, according to regulatory filings, but has not publicly disclosed its earlier investors.