Stock Alert: Veritone Rises 13% After Receiving US Air Force Contract

(RTTNews) - Shares of Veritone, Inc. (VERI) jumped 13% on Friday morning after the company revealed it was awarded $1.3 million of subcontracts by US Air Force.

VERI is currently trading at $9.40, up $1.07 or 12.87%, on the Nasdaq.

On Thursday evening, Veritone announced that it received a key subcontracts under a U.S. Air Force project that will use Veritone's aiWARE artificial intelligence operating system to increase the speed and accuracy of overhead imagery analysis.

Veritone has been awarded $1.3 million of subcontracts for software license and technology development services in support of the Air Force's innovation unit's Small Business Innovation Research program.