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 optimization. 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.

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.

Michael Phelan, GridBeyond Chief Executive Officer and Co-Founder commented:

"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 organizations, 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.

Sean McEvoy, General Manager of Energy at Veritone added:

"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."

About GridBeyond

GridBeyond's vision is to build a shared energy economy that delivers sustainability, resilience, affordability, and adaptability through collaboration and innovation. By bridging the gap between distributed energy resources and electricity markets, GridBeyond's 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.

About Veritone

Veritone (NASDAQ:VERI) is a leader in enterprise artificial intelligence (AI) solutions. Serving organizations in both commercial and regulated sectors, Veritone's software, services, and industry applications simplify data management, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone's leading Enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through its robust partner ecosystem and professional and managed services, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230709728468/en/

GridBeyond Acquires Veritone's Energy Business