10th July 2023 – Veritone employees will now join the GridBeyond team in the US, doubling the start-up’s North American workforce.
Dublin-based GridBeyond, which specialises in tech for managing energy resources, has acquired Denver-based software firm Veritone to expand its presence in the US market.
In an announcement today, GridBeyond said the acquisition will allow it to offer more functionality to its customers through a new design platform led by its data science team.
The “extremely accurate” forecasting technology developed by Veritone will help the Irish start-up’s customers to generate revenues and support them on their transition to net-zero emissions.
Commercially trading since 2010, when it was called Endeco Technologies, GridBeyond uses AI and data science to optimise energy generation and storage.
GridBeyond CEO Michael Phelan said that the acquisition is another strategic step to expand its reach and capabilities in the “management and optimisation of distributed energy assets”.
“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,” said Phelan.
He hopes the acquisition of the Nasdaq-listed firm will also enable GridBeyond to expand its reach in the North American market.
Last year, around the time it secured €6m in debt financing for growth, GridBeyond said it was working with its growing list of partners in Japan, including Chiyoda and Mitsubishi, to help businesses manage their energy resources and make significant cost savings.
“Japan is the biggest deregulated market in the world,” Phelan told SiliconRepublic.com at the time. “It’s a fairly volatile market as an island, and they’re starting to add some renewables. They’re probably a bit nervous with nuclear as to how much of it they really want to have.”
Now, the latest acquisition of Veritone will bring its employees over to GridBeyond and double its North American workforce.
“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.”