Irish headquartered smart energy company GridBeyond announced on Monday that it had acquired the energy business of California AI software developer Veritone in an effort to bolster its electricity trading, forecasting, and consulting services.
GridBeyond, which entered the Australian market in April of 2022, bills itself as offering the world’s leading technology platform for managing distributed and flexible energy resources.
Using artificial intelligence (AI) and data to provide demand response, virtual power plant (VPP) services, and generation and storage asset optimisation for renewable energy projects, GridBeyond is building itself into a global leader of energy market optimisation technologies and auto-bidding platforms.
To further this goal, GriBeyond announced on Monday that it would be acquiring the energy unit of Veritone, a North American leader in AI software and services.
The acquisition will help to strengthen GridBeyond’s position in the US market and brings together two of the most innovative companies in energy forecasting, trading, and optimisation.
“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,” said Michael Phelan, GridBeyond CEO and co-founder.
“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.”
GridBeyond expects that the acquisition will allow them to offer more functionalities to its customers. In good news for employees of Veritone, they will be joining GridBeyond and doubling the size of the company’s North American team.
“We couldn’t be more excited to join the GridBeyond team,” added Sean McEvoy, general manager of energy at Veritone.
“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.”
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