GridBeyond, a Dublin, Ireland-based smart energy company, acquired the Energy Business of Veritone (NASDAQ: VERI), a Costa Mesa, CA-based company which specializes in AI software and services in North America.
The amount of the deal was not disclosed.
The acquisition will allow GridBeyond to offer more functionalities to its customers through a new design platform, forecasting technology, led by its data science team, which will enhance and evolve its market 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.
Veritone specializes in enterprise artificial intelligence (AI) solutions. Serving organizations in both commercial and regulated sectors, its software, services, and industry applications simplify data management, empowering brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s Enterprise AI platform, aiWARE, orchestrates an ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence.
Its AI-powered software leverages AI to improve today’s energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimization, and control.
Led by Michael Phelan and Richard O’ Loughlin, GridBeyond offers a combination of technology and consultative approach to provide its partners and clients with future-proof access to energy services. Its technology means every connected asset – whether utility-scale renewables generation, battery storage, or industrial load – can be utilized to help maximize opportunities and enhance the grid. By intelligently dispatching flexibility into the right market, at the right time, asset owners and energy consumers unlock new revenues and savings, resilience, and management of price volatility, while supporting the transition to a Net Zero future.
FinSMEs
10/07/2023