Irish energy company GridBeyond buys US NASDAQ-listed Veritone’s AI-based energy business.
Smart energy company GridBeyond has acquired US firm Veritone Inc Energy Business, for an undisclosed sum.
Veritone is a leading player in AI software services for the US energy market.
“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”
The acquisition creates a strong force in energy forecasting, trading and optimisation in North America and Europe.
GridBeyond’s technology platform provides real-time optimisation of distributed assets across a range of industries and asset types.
Powering Net Zero
Michael Phelan, CEO, GridBeyond
Veritone Energy’s AI-powered software harnesses the power of AI to revolutionise today’s energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimisation, and control — all of which unlock the full potential of distributed energy resources (DERs) while enhancing reliability.
The combination of the two technologies will allow GridBeyond to offer more functionalities to its customers through a new design platform, an extremely accurate forecasting technology, led by its data science team, which will enhance and evolve its’ market leading product enabling customers to generate revenues and support them on their transition to net zero.
GridBeyond CEO Michael Phelan said the acquisition brings together two of the most innovative companies in energy forecasting, trading and optimisation.
“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 Phelan.
GridBeyond’s technology platform provides real-time optimisation of distributed assets across a range of industries and asset types. Veritone Energy’s AI-powered software harnesses the power of AI to revolutionize today’s energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimization, and control—all of which unlock the full potential of DERs while enhancing reliability.
The combination of the two technologies will allow GridBeyond to offer more functionalities to its customers through a new design platform, an extremely accurate forecasting technology, led by its data science team, which will enhance and evolve its’ market leading product enabling customers to generate revenues and support them on their transition to net zero.
Veritone Energy employees will join the company, doubling the size of the team in North America.
“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,” said Phelan.
“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.”
Veritone Energy employees will join the company, doubling the size of the team in North America.
“We couldn’t be more excited to join the GridBeyond team,” said Sean McEvoy, general manager of Energy at Veritone. “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.”
