GridBeyond, a global smart energy company, has announced the acquisition of Veritone Inc Energy Business, a leader in AI software and services in North America, strengthening the business’ position in the US market.
The acquisition brings together two of the most innovative companies in energy forecasting, trading and optimisation. 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 revolutionise today’s energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimisation, 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.
In line with GridBeyond’s core values: customer focus, innovation, and teamwork, Veritone Energy employees will join the company, doubling the size of the team in North America.
GridBeyond Chief Executive Officer and Co-Founder, Michael Phelan, said, “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.
“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.”
Led by Michael Phelan and Richard O’ Loughlin, GridBeyond provides a powerful combination of technology excellence, consultative approach, and unrivalled expertise to provide its partners and clients with future-proof access to energy services. The company supports electricity grid integration with renewables to make the leap to a greener future.
General Manager of Energy at Veritone, Sean McEvoy, 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.”