Veritone Purchases Machine Box to Expedite the Development of AI Solutions

Veritone Purchases Machine Box to Expedite the Development of AI Solutions
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Veritone Inc., the developer of the first artificial operating (AI) system in the world dubbed aiWARE™ recently revealed that it had acquired Machine Box, Inc., a renowned developer of advanced machine learning technologies.

Machine Box’s machine learning technologies provide organizations or companies with a set of simple yet strong models and tools designed to develop customized AI engines, which can be deployed to improve both existing and new business solutions.

Machine Box offers a stylish reference architecture that is spread out across several cognitive categories, consisting of text analytics, personalized recommendation, data classification, and face and object recognition.

The intuitive toolkit offers developers a guide for designing and deploying customized AI engines. When combined with the Veritone AI OS, systems integrators, developers and end consumers will be in a better position to generate tailored, end-to-end artificial intelligence (AI)-informed solutions, specifically for their use cases.

Gartner, Inc.’s recent report projected that one-third of application development projects would utilize hosted AI services by 2022 with less than 5% of such app developers creating their own.

Another report from the same company listed some of the impediments that affect CIOs, specifically when it comes to executing home-grown, AI-based solutions. Combining Machine Box’s tools with the ease-of-use and flexibility of aiWARE will help in addressing such major obstacles. By doing so, it would be easier for users to deploy future-proof solutions.

“A founding principle of Veritone’s philosophy and technology has been democratized, robust and platform-agnostic AI capabilities. Veritone’s unique AI operating system, ecosystem of hundreds of cognitive engines and intuitive set of applications have been a major step forward in making AI solutions accessible to a greater number of people and organizations than ever before.

This acquisition is another major step on that path – Machine Box’s AI toolkit, which fits perfectly with Veritone’s portable architecture and standards, will allow technology-savvy individuals to quickly and easily train any number of cognitive engines to create custom models deployable where they need them to enhance their business offerings,” said the Founder and Chief Executive Officer of Veritone Chad Steelberg.

“We are very excited to be joining forces with Veritone – their global reach and established presence as a trusted AI software provider and standards setter, combined with Machine Box’s easy-to-use AI toolkit, will enable users to progress quickly from a standing start to sophisticated use of artificial intelligence.

This will further democratize AI capabilities, and we believe that it will also go a long way toward establishing company-agnostic standards for AI technology,” said the Chief Executive Officer of Machine Box Aaron Edell.

Machine Box’s toolkits are expected to be rolled out, specifically as part of the Veritone Developer application setting to be used by both new and existing accounts. To begin, register a free account for Veritone Developer at veritone.com/devsignup.

On the other hand, subscribe to the Machine Box blog via blog.machinebox.io/ to gain additional information regarding Machine Box.

The consideration that Veritone paid in the purchase of Machine Box was $2 million coupled with an earn-out of a maximum of $3 million on the basis of the attainment of several milestones. It comprised both Veritone’s cash and shares.

Source Veritone

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