News, Takeover bids, Technology

GridBeyond acquires Veritone’s energy business

GridBeyond, a global smart energy company, has announced the acquisition of Veritone Energy, a leading enterprise artificial intelligence (AI) solutions company.

Veritone Energy’s AI-powered software harnesses AI to revolutionise today’s energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimisation, and control —which unlock the full potential of distributed energy resources 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 the transition to net zero.

GridBeyond chief executive officer Michael Phelan said the acquisition of Veritone Energy is another strategic step the company is taking to expand its reach and capabilities in the management and optimisation of distributed energy assets.

“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,” Phelan said.

“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 general manager of energy Sean McEvoy said the company was excited to join GridBeyond.

“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,” McEvoy said.

Send this to a friend