Patented solutions support green energy boom by
empowering utilities to predict optimal energy supply mix and
pricing to meet grid demand and ensure grid reliability.
Veritone, Inc. (Nasdaq: VERI), the creator of the world’s first
operating system for artificial intelligence, aiWARE™, today
announced it has entered the energy sector with Veritone Energy, a
suite of proprietary, predictive AI solutions that will help
utilities increase profitability and improve grid reliability as
they make the transition to renewables.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201006005222/en/
Veritone takes on smart grid optimization
with real-time predictive AI. (Graphic: Business Wire)
“We are thrilled to be adding a new vertical to our growing
customer bases in the Media & Entertainment and Government,
Legal and Compliance markets,” said Chad Steelberg, Chairman and
CEO of Veritone. “Every year, over $750 billion is invested in
global electricity generation and distribution projects, giving
Veritone Energy a significant opportunity to showcase how our
cutting-edge, predictive AI technology can help the world reduce
its dependence on fossil fuels.”
Veritone has already begun to deploy its AI energy technologies
with a leading U.S. utility and is in advanced talks with other
potential private and public sector customers and partners.
Veritone Energy's patented solutions use AI to optimize energy
distribution across diverse energy grids. By applying advanced
models, rules and learning to weather forecast, energy demand,
pricing, and device data, the solutions help utilities
automatically predict optimal energy supply mix and pricing to meet
grid demand, in real-time. The utility can now more accurately
predict how much energy, at what price, to send to which device,
and when. Veritone estimates this real-time forecasting capability
will translate to millions of dollars of cost savings for utilities
in saved energy, device longevity, and optimal energy prices.
The company’s announcement comes as the increasing use of clean
energy sources is creating enormous reliability and safety
challenges for utilities due to the ageing U.S. electric grid,
which still relies on human decision-making. Two-way power flow
between legacy and renewable devices can cause network congestion,
inconsistent energy delivery and blackouts. The need for
synchronization and optimization to enable utilities to add
renewable sources has never been greater. As Gartner states in
their 2020 Market Guide for Advanced Distribution Management
Systems, “The confluence of the 4D megatrends (digitalization,
decentralization, decarbonization and democratization) is driving
structural changes in energy provisioning systems. To manage
electricity delivery networks safely and effectively given the new
requirements of the energy transition, utilities need a solution
that serves as the ‘nerve center’ of the digital grid.”* Veritone’s
energy solution is key to that nerve center.
“The green energy boom is impossible without digital
innovation,” Steelberg said. “Hamstrung by legacy infrastructure,
and challenged by electrical grids that are becoming more
distributed and complex, the energy sector urgently needs AI to
make clean energy production more predictable, reliable and cost
effective.”
Weather and energy demand are constantly changing, creating
significant challenges for utility companies and equipment
providers that need to deliver energy from a wide variety of old
and new energy sources consistently and profitably. Day-ahead
forecasting of always-changing weather is not enough.
“Unlike other predictive energy solution providers that use the
past to predict the future, Veritone’s patented CDI technology
predicts the future using the present. Veritone combines current
data from multiple sources — weather sensors, load demand systems
and distributed grid devices — to predict optimal energy dispatch,
allowing utilities to accurately and dynamically meet future grid
demand, whether minutes, hours or days ahead,” said Veritone Chief
Energy Scientist Dr. Wolf Kohn. “Our active device synchronization
technology ensures safe and reliable operation of distributed
energy resources with the grid on a constant basis, rather than
relying on historical feedback loops that may not accurately
reflect the present state. We do this with patented,
Hamiltonian-based models and machine learning that occurs both
centrally and at the device level. This approach enables
distributed, autonomous edge device decisions using low-cost
processors that can be more cost effectively deployed on-premise,
via Internet of Things devices or in the cloud.”
With a proprietary operating system for AI and more than 20
issued and pending patents covering its aiWARE-based energy
technology, Veritone’s highly customizable solutions can be applied
to solve a wide range of challenges facing the industry, including
solar smoothing, demand response, micro-grid synchronization,
intelligent device control, voltage optimization, regulatory
compliance, dispatch optimization and high-speed energy
arbitrage.
Veritone Energy’s flagship solutions include:
- Forecaster to accurately detect and predict energy
supply, demand and price.
- Optimizer to make AI-based energy supply
determinations.
- Controller for predictive device control and active
synchronization, combining energy sources to optimally satisfy
demand.
- Arbitrage for buying,
selling and dispatching energy.
“Veritone's predictive AI technology brings much-needed
optimization and efficiency to the energy grid, helping reduce
energy consumption and provide greater stability," said John
Zangardi, President of Redhorse Corporation, a leading U.S.
government services provider. "Veritone's ability to leverage
massive amounts of historical and real-time data to effectively
balance energy supply and demand, with automated synchronization of
grid assets for maximum reliability, is a real game changer in the
energy industry."
More information about Veritone Energy’s solutions and services
is available at https://www.veritone.com/energy.
*Gartner “Market Guide for Advanced Distribution Management
Systems,” Zarko Sumic, Lloyd Jones, 29 July 2020
About Veritone
Veritone (NASDAQ: VERI) is a leading global software and
solutions provider at the forefront of the artificial intelligence
(AI) revolution. The company’s proprietary operating system,
aiWARE™, the world’s first operating system for AI, democratizes AI
as well as orchestrates an expanding ecosystem of machine learning
models to transform audio, video, and other data sources into
actionable intelligence. Veritone is helping to solve systemic and
intractable problems in multiple sectors, including energy, media
& entertainment, government, legal & compliance and public
health & safety. Veritone is headquartered in Costa Mesa,
California, and has offices in Denver, London, New York and San
Diego. To learn more, visit veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements, including
without limitation statements that the Veritone Energy solutions
will help utilities increase profitability and improve grid
reliability as they make the transition to renewables, and
statements regarding the features and capabilities of the Veritone
Energy solutions and their expected benefits to customers,
including the company’s estimate that its real-time forecasting
capability will translate to millions of dollars of cost savings
for utilities. Without limiting the generality of the foregoing,
words such as “may,” “will,” “expect,” “believe,” “anticipate,”
“intend,” “could,” “estimate” or “continue” or the negative or
other variations thereof or comparable terminology are intended to
identify forward-looking statements. In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances are forward-looking statements.
Assumptions relating to the foregoing involve judgments and risks
with respect to various matters which are difficult or impossible
to predict accurately and many of which are beyond the control of
Veritone. Certain of such judgments and risks are discussed in
Veritone’s SEC filings. Although Veritone believes that the
assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and,
therefore, there can be no assurance that the results contemplated
in forward-looking statements will be realized. In light of the
significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by Veritone or any other
person that their objectives or plans will be achieved. Veritone
undertakes no obligation to revise the forward-looking statements
contained herein to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201006005222/en/
Allison Zullo Walker Sands, for Veritone
veritone@walkersands.com 312-241-1474
Veritone (NASDAQ:VERI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Veritone (NASDAQ:VERI)
Historical Stock Chart
From Apr 2023 to Apr 2024