Dublin-based smart energy company GridBeyond has bought Veritone Energy, a leader in AI software and services in the US. Financial terms of the deal were not revealed.
GridBeyond’s 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 energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimisation, and control.
The acquisition 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.
Michael Phelan, GridBeyond CEO and co-founder, 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.”
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