Veritone Launches AI-Driven Intelligent Distributed Energy Resource Management Solution (iDERMS) Proven to Enhance Reliability, Maximize DER Investments and Meet Decarbonization Targets

Rhea-AI Summary

Veritone (NASDAQ: VERI) has launched its intelligent distributed energy resource management solution (iDERMS), enabling utilities and independent power producers to transition to clean energy while meeting regulatory and environmental goals. The solution leverages aiWARE for real-time energy forecasting and optimization. Analyst Alan Pelz-Sharpe emphasizes its potential to balance energy supply and demand effectively. The iDERMS system includes modules for forecasting, optimization, and control, promising enhanced reliability and increased profit potential for users.

Positive

• Launch of iDERMS enhances Veritone's position in the clean energy sector.
• The solution addresses industry challenges and improves reliability for energy producers.
• Positive analyst feedback highlighting the necessity of AI in energy management.

Negative

• None.

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

DENVER--(BUSINESS WIRE)-- 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.”

For more information, visit iDERMS here.

About Veritone

Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) software and solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services, and industry applications accelerate and maximize digital migration, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s expansive Enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through professional and managed services, as well as its robust partner ecosystem, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.

To learn more, visit Veritone.com.

Safe Harbor Statement

This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative 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/20220228005201/en/

Veritone Media Contact:

Global Results Communications for Veritone, Inc.

Lora Wilson or Valerie Christopherson

+1 949-608-0276

Source: Veritone, Inc.

FAQ

What is Veritone's recent announcement regarding iDERMS?

Veritone announced the launch of its intelligent distributed energy resource management solution (iDERMS) to assist utilities and independent power producers in accelerating the clean energy transition.

How does iDERMS benefit energy producers?

iDERMS utilizes AI for real-time forecasting and optimization, helping energy producers increase reliability and maximize profitability.

What is the stock symbol for Veritone?

The stock symbol for Veritone is VERI.

What technology does Veritone's iDERMS utilize?

iDERMS is powered by Veritone's aiWARE platform, providing advanced AI solutions for energy management.

Who commented on the impact of iDERMS on the energy industry?

Alan Pelz-Sharpe, founder of Deep Analysis, emphasized the importance of AI-powered predictive energy solutions in addressing green energy challenges.