Veritone, which is developing a platform that analyzes unstructured media data using AI, raised the proposed deal size for its upcoming IPO on Tuesday.
The Newport Beach, CA-based company now plans to raise $38 million by offering 2.5 million shares at a price range of $14 to $16. Insiders intend to purchase $1.5 - $6.5 million worth of shares in the offering. The company had previously filed to offer 1.25 million shares at a range of $14 to $16. At the midpoint of the revised range, Veritone will raise 100% more in proceeds than previously anticipated. Its fully diluted market cap is now $236 million, 9% higher.
Veritone was founded in 2014 and booked $9 million in revenue for the 12 months ended December 31, 2016. It plans to list on the Nasdaq under the symbol VERI. Wunderlich Securities is the sole bookrunner on the deal. It is expected to price during the week of May 8, 2017.
