Veritone Shows Competence and Improvement to Smart Grids with Real-Time Predictive AI
Veritone Inc., the developer of the world’s first artificial intelligence operating system, aiWARETM, has today announced its contribution to the energy market with Veritone Energy, a suite of innovative, predictive AI technologies that lead to enhanced viability and efficiency of the grid as the companies turn to renewable energy.
What Made Veritone Move Towards Energy Sector?
- The company announces that the rising use of renewable energy sources poses tremendous challenges for stability and protection in the utility sector as the U.S. power grid aging continues to rely on human decisions.
- Dual power flow between conventional and renewable equipment can cause network congestion, intermittent energy supply and blackouts.
- There has never been a more vital need for syncing and integrating so that utilities can integrate renewable resources.
- “The confluence of 4D megatrends (digitization, decentralization, decarbonization and democratization) accelerating fundamental shifts in electricity delivery networks,” Gartner says in its 2020 Business Guide for Advanced Demand Management Systems.
- To operate electric power supply networks securely and reliably, considering the current technology transfer conditions, utilities need a way to be the ‘nerve of the digital grid.’ The energy solution of Veritone is essential to this core of the nerve.
How Does Veritone Optimize Energy Distribution?
- Patented applications from Veritone Energy use AI to maximize the production of electricity across different power grids.
- The solutions automatically allow the networks to anticipate an optimum energy balance and price to satisfy grid demand through the implementation of advanced weather forecasts, electricity consumption, price data, and computer data.
- The utility will determine more precisely how much electricity to deliver to which system and when at what amount.
- This real-time forecasting potential is projected by Veritone to reflect millions of dollar cost savings for energy-saving infrastructure, productivity products, and maximum oil prices.
Features of Veritone Energy
- Compared to other prediction companies that use the past to anticipate the future, the proprietary CDI technology from Veritone forecasts the future using present data.
- Veritone brings together existing data from multiple sources — weather sensors, demand systems and distributed grid systems — to predict optimal energy dispatch so that utilities can meet future grid demand accurately and dynamically, regardless of time, minute or day.
- The active devices synchronization technology ensures that distributed energy resources operate safely and reliably with the grid frequently instead of relying on historical feedback loops that cannot accurately reflect the present state.
- It is done with proprietary Hamiltonian models that take place locally and at the system level and machine learning.
- The solution makes dispersed, independent decisions on edge devices using low-cost processors, which can be implemented more efficiently on-site, through the Internet or cloud-based tools.
- The flagship solutions of Veritone Energy include:
- Forecaster: the electricity availability, demand and price are correctly detected and predicted.
- Optimizer: for determination of AI-based energy source.
- Controller: Combining energy sources to meet maximum demand for automated system management and active synchronization.
- Arbitrage: for electricity procurement, transfer and dispatch.
Potential Impact on Energy Sector
- Veritone ‘s highly tailored energy solutions can be used to address a wide variety of problems for the industry, including solar smoothing, demand response, micronet synchronization, intelligent computer management, voltage optimization, regulatory enforcement, dispatch o With a propriety system for AI and more than 20 published patents covering their AiWARE power-based technology.
- Veritone ‘s predictive AI technology leads to much-required electricity grid optimization and reliability and contributes to decreased energy usage and stability.
- A real shift in the energy market is Veritone ‘s ability to exploit vast volumes of historical and real-time data, manage energy supply and demand effectively, and synchronize network assets with them for optimum reliability.
Veritone has already started implementing AI energy systems from a leading U.S. utility and is engaging in early negotiations with other prospective clients and collaborators in the private and public sectors.