AI

Veritone Launches AI-Driven iDERMS to Meet Decarbonization Targets

Veritone

The solution enables utilities, independent power producers and microgrid developers to accelerate the transition to clean energy while meeting strategic, regulatory and environmental objectives

Veritone, Inc. (NASDAQ: VERI), creator of aiWARE™, a hyper-expansive enterprise AI platform, announced today the launch of its intelligent distributed energy resource management solution (iDERMS) to enable utilities, Independent Power Producers (IPP’s) and microgrid developers to accelerate the transition to clean energy, while still meeting their strategic, regulatory and environmental objectives.

Leveraging its aiWARE enterprise platform, Veritone’s iDERMS solution harnesses the power of AI to revolutionize today’s energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimization, and control, unlocking the full potential of DERs while enhancing reliability. Inclusive of three main modules–Forecaster, Optimizer and Controller–the solution allows for tackling industry challenges at a pace best suited to meet each customer’s specific goals, timelines, or budget, while simultaneously addressing reliability and the commercial aspects of DERs. For market participants, iDERMS solution helps maximize profits. For utilities and independent power producers (IPPs), iDERMS solution helps increase reliability and load flexibility by making renewable plants fully dispatchable and predictable.

“Veritone’s launch of the intelligent distributed energy resource management system (iDERMS) addresses head-on the challenges of green energy,” said Alan Pelz-Sharpe, founder of analyst firm Deep Analysis. “With green energy’s inherent unpredictability, there is a clear need for AI-powered predictive energy solutions to balance supply and demand, lower energy costs and ensure grid reliability and resilience in the face of our fragile grid infrastructure.”

According to Deloitte’s State of AI in the Enterprise report, which surveyed 2,737 IT and line-of-business executives from around the world, the implementation of AI-based solutions is key to market leadership today and in the future. Furthermore, when looking at key trends outlined in Deloitte’s 2022 power and utility industry outlook – enhancing decarbonization and resiliency strategies, deploying cloud technologies, harnessing flexible load and building electrification – it is clear that AI can swiftly address the key challenges the energy industry is facing.

“We are extremely excited to make this launch official,” said Sean McEvoy, senior vice president of Energy at Veritone. “The energy industry is in desperate need of more advanced technologies to solve the challenges and opportunities the rapid growth of distributed energy resources (DERs) brings. AI is the answer. We worked hard to ensure our iDERMS solution is prime-time ready and look forward to sharing the success our customers are experiencing using this technology.”

“We all see daily news stories on how fragile our global and regional energy infrastructure is and how challenging the management of green energy can be,” said Veritone President Ryan Steelberg. “We are thrilled to provide a proven AI solution that is outperforming industry standards like CASIO and helping our customers exceed their goals for reducing their infrastructure costs and carbon footprint, all while improving their energy grid performance.”

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