Global smart energy company GridBeyond has today (10 July) announced the acquisition of Veritone Inc Energy Business to strengthen its position in the US market.
Veritone, which offers AI software and services in North America, provides a platform that is able to analyse energy ecosystems via proprietary, intelligent, real-time energy forecasting, optimisation, and control.
GridBeyond on the other hand provides a technology platform that allows real-time optimisation of distributed assets across a range of industries and asset types.
The combination of the two technologies will enable GridBeyond to offer more functionalities to its customers via a new design platform, an accurate forecasting technology, led by its data science team, which will enhance and evolve its product enabling customers to generate revenues and support them on their transition to net zero.
“The acquisition of Veritone Energy is another strategic step we are taking to expand our reach and capabilities in the management and optimisation of distributed energy assets, and we are delighted to welcome their team to GridBeyond,” said Michael Phelan, CEO and co-founder of GridBeyond.
“By combining the capabilities of both organisations, we offer customers a comprehensive suite of energy management and energy trading solutions that leverage the power of AI and machine learning. The acquisition will also enable GridBeyond to expand its reach in North America and strengthen its position as a global leader in optimisation and management of distributed energy assets.”
In an interview with Current± earlier this year, GridBeyond offered exclusive insight into the company’s recent EV whitepaper. In this interview a range of topics were discussed which include turning UK roads electric in addition to the vehicle-to-everything (V2X) revolution.
On the topic of V2X, the whitepaper stated that “V2X technologies, including vehicle-to-grid (V2G), vehicle-to-home (V2H), and vehicle-to-load (V2L), have the potential to revolutionise the way we use and manage energy in transportation, homes and businesses”.
Commenting on the partnership with GridBeyond, Sean McEvoy, general manager of energy at Veritone said: “We couldn’t be more excited to join the GridBeyond team. Our customers and partners will benefit from working with a global, trusted leader in the energy industry with extensive experience providing AI-powered solutions for trading and energy management.”