AI tech provider Veritone introduces a suite of energy management solutions for the utility sector.
Veritone Energy, a suite of proprietary artificial intelligence (AI) solutions, marks the company’s entry into the energy sector with a focus on predicting optimal energy supply mix and pricing to meet grid demand and ensure reliability.
The customisable solutions draw on weather forecast, energy demand, pricing and grid device data to automate the forecasting processes in real-time.
The 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 synchronisation, combining energy sources to optimally satisfy demand; and Arbitrage for buying, selling and dispatching energy.
“We are thrilled to be adding a new vertical to our growing customer bases,” said Chad Steelberg, chairman and CEO of Veritone in a statement. “Every year, over $750 billion is invested in global electricity generation and distribution projects, giving Veritone Energy a significant opportunity to showcase how our predictive AI technology can help the world reduce its dependence on fossil fuels.”
Veritone says it has already begun to deploy its AI energy technologies with a leading US utility and is in advanced talks with other potential private and public sector customers and partners.
The Veritone Energy suite is based on the company’s patented aiWARE artificial intelligence operating system which utilises Hamiltonian-based models and machine learning 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,” explains Veritone chief energy scientist Dr Wolf Kohn.
Use cases for which the solutions are applicable include solar smoothing, demand response, microgrid synchronisation, intelligent device control, voltage optimisation, regulatory compliance, dispatch optimisation and high-speed energy arbitrage, the company says.