Veritone advances strategic actions with cost reduction initiatives

Denver--( business wire )--veritone, inc. (nasdaq: veri), creator of aiware and leading enterprise ai software and solutions provider, today announced a number of actions reflecting the strategic focus of newly appointed ceo, ryan steelberg. among these actions, certain organizational changes were implemented, driving increased prioritization and investments in next-generation ai applications and features focused on new and existing customer growth. in addition to realigning its organizational structure, veritone will be reducing certain operational costs, after which the company expects to realize a net $12 - $15 million in annualized savings over the course of fiscal 2023 as compared to fiscal 2022.
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