Veritone Climbs 8% Following $249 Mln Deal With Department Of Defense

(RTTNews) - Shares of artificial intelligence technology solutions provider, Veritone, Inc. (VERI) are rising more than 8% Monday morning after the company has been chosen by Department of Defense, entering into a $249 million Blanket Purchase Agreement (BPA).

As per the deal, Veritone's enterprise AI platform, aiWARE will be used to advance DoD's Joint Artificial Intelligence Center 's (JAIC) test & evaluation program objectives.

"In addition to our recent successes within the DoD, Veritone aiWARE is gaining tremendous momentum within the civilian agencies too, including our FedRAMP authorization sponsored by the Department of Justice. This award is reflective of both the accelerated pace at which the JAIC is evaluating use cases for AI and Veritone's ability to provide the most advanced AI-driven platform and tools," said Veritone President Ryan Steelberg.

VERI, currently at $16.64, has been trading in the range of $13.06- $50.34 in the past 52 weeks.