Costa Mesa, Calif: Calling itself the creator of the world’s first operating system for artificial intelligence, Veritone, Inc., with its system aiWARE™, announced October 6 that it had entered the energy sector with Veritone Energy, a suite of proprietary, predictive AI solutions intended to help utilities increase profitability and improve grid reliability as they make the transition to renewables.
An illustration from Veritone showing it integrating and optimizing multiple forms of supply and demand
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 accordingly and 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 points to the increasing use of clean energy sources, creating “enormous” reliability and safety challenges for utilities due to the aging U.S. electric grid, which still relies to a varying extent 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,” the announcement says.
Veritone quotes research and advisory company Gartner Inc. 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 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.
More information about Veritone Energy’s solutions and services is available at veritone.com/energy.