Why Veritone [NASDAQ: VERI] Stock is Jumping Today?

Shares of Veritone, Inc. [NASDAQ: VERI] surged 5% at the time of writing on Thursday. The strong performance of the firm’s share has highlighted the positive sentiments of the investors after it became the first multi-cloud AI platform provider authorized for use across the entire US Department of Justice.

Veritone has received an expanded, enterprise-wide Authority to Operate (ATO) from the FedRAMP authorization board for its aiWARE Government platform. It was initially sponsored by the EOUSA within the DOJ. One of the 2021 reports published by the Bloomberg Government suggests that the federal government is likely to invest more than $6 billion in AI-related research and development projects in 2021.

After receiving this authorization Veritone is now required to undertake a rigorous security audit and enables other DOJ components to use Veritone without needing to take additional steps. Veritone’s cloud-based, AI-enabled solutions are already implemented by the Tax Division and the EOUSA.

Furthermore, Veritone aiWARE can consume, give structure to, evaluate, discover, transcribe, and translate data thousands of times quicker, more precisely, and substantially lower cost than manual labor alternatives. Veritone’s government solutions were established for justice systems, law enforcement, and intelligence agencies, to quickly extract actionable intelligence from large amounts of data, including video and audio evidence used in investigations, surveillance, and criminal justice.

Additionally, Veritone aiWARE Government is the first DOJ-wide AI platform authorized. It is accessible on both Microsoft Azure Government as well as AWS GovCloud environments. It will uniquely offer all 59 DOJ agencies the flexibility they need to fulfill their AI-based missions.