HQ: New York City
Cofounders: Scott Simonelli, Andrew Eisner and Kevin Marshall
The problem: Consumers interact with brands through sound in a variety of ways, from podcasts to radio ads — even the log-in music for a favorite streaming service. The most memorable “sonic” brands can drive sales, raise awareness, and stand out among competitors. While marketers know how to glean data and insights from traditional advertising, the audio landscape has posed a unique challenge. As businesses weigh how to factor audio into their marketing plans, many could stand to benefit from a deeper understanding of how to tap into sound to run more successful campaigns and create a more resonant sonic brand.
Veritonic’s solution: Veritonic is the first intelligence and analytics platform for audio marketing insights. Powered by “Machine Listening and Learning”™, the Veritonic platform scores and benchmarks audio assets to show brands where they stand relative to their competition, which creative is most resonant, and what drives the best results. The analysis is multifold, as audio encompasses everything from a chime in an ad to the tone of a narrator, background music, and language. Businesses including Visa and Pandora currently use Veritonic to determine the most effective way to use sound in building a sonic brand and running more effective audio campaigns that stand out and creates connections with their customers.
Origin story: Scott and his team have been members of the LH family for years through their work at portfolio company Ordergroove prior to starting Veritonic. They set out in 2015 to tackle one of their passions: audio. As long-time musicians and tech leaders, the team founded Veritonic as the perfect marriage of their interests in audio and technology.
Why we’re betting on it: The U.S. podcasting market alone was $9.28 billion in 2019 and interest in the audio market shows no signs of slowing down. Similar to markets in online video, advertisers and brands are quickly learning to integrate their audio identities into the audio market, only to then encounter a common measurement problem. The team’s expertise with online testing and optimization, along with their love of music, tech, and audio, is the ideal combination to address this market opportunity and build Veritonic into the go-to-solution to create and optimize audio identity for brands.
Our take: We’ve seen explosive growth in the audio space over the last few years, with businesses such as portfolio company Wondery introducing revolutionary audio storytelling and engagement. As we see more brands interested in the audio space, we’ve found a huge need for solutions to help guide their investment in their own audio identities. What’s more, Veritonic is leveraging innovations in audio analysis and AI to create a scalable solution to meet new corners of the audio market. We’ve witnessed the power of audio analysis and AI through our investment in Augury, which has driven more resilient industrial supply chains, and we’re excited about bringing that to more brands as they enter the audio space.
Further reading: “Veritonic Lands $3.2M Series A from Greycroft, Lerer Hippeau, Audible” via Crunchbase News
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