According to data compiled by S&P Global Market Intelligence, shares of Veritone (VERI 3.94%) were zooming 8% higher week-to-date as of early Friday afternoon. This followed a similar bull run last week. This time, the artificial intelligence (AI) software analytics company benefited from a new deployment of its software platform within major cloud computing services.
At home in the cloud
Veritone announced that on Tuesday, saying that the platform -- aiWARE -- and the company's applications have been deployed on self-hosted private Amazon Web Services (AWS) and Microsoft Azure tenants (i.e., secure spaces for a client's cloud assets).
Image source: Getty Images.
aiWARE is Veritone's flagship offering. It approximates an operating system that can simultaneously manage a cluster of artificial intelligence (AI) models for various functionalities.
In the press release announcing the news, Vertione highlighted the utility of its products to public-sector agencies.
It quoted CEO Ryan Steelberg as saying that "We're proud to have created a deployment model that allows organizations like defense and law enforcement agencies to maintain complete control over their infrastructure and data without sacrificing the scalability, flexibility, or power of AI."
NASDAQ: VERI
Key Data Points
Watch the bottom line
That deployment on self-hosted AWS and Azure spaces is certainly a milestone for Veritone, and it's sure to burnish the company's reputation as a useful AI services provider. I like the direction Veritone is heading, and it's certainly operating in a potentially high-growth environment. However, I'd be more encouraged if it could start to reduce its consistent net losses more meaningfully.
