Veritone Announces Strategic Partnership with Acacia Research

Munger, Tolles & Olson represented Veritone, Inc., a cloud-based artificial intelligence (AI) technology company, in a strategic partnership with Acacia Research Corporation announced Aug. 23, 2016.

In connection with the partnership, Acacia is providing $20 million in funding to Veritone in the form of a convertible investment. Upon certain events and the achievement of milestones by Veritone, Acacia will have the opportunity to invest up to an additional $30 million in Veritone.

According to a company press release, Veritone will use the funding to “expand its global footprint as the leading AI analytics, search and predictive solution for media firms, corporate enterprise, political campaigns and government.”

The Munger Tolles corporate attorneys involved in the transaction are Mary Ann Todd, Katherine H. Ku and Adam J. Gottesfeld. Stephen D. Rose advised on the tax aspects of the matter.