How Did GridBeyond, A Humble Dublin Firm, Manage to Acquire US Nasdaq Titan Veritone?

US Firm Veritone Acquired by Dublin's GridBeyond

The GridBeyond team in the US is set to double in size as employees of Veritone join their ranks.

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In a strategic move, Dublin-based GridBeyond has snapped up the Denver-based software firm, Veritone, to strengthen its presence in the US market.

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Announced today, GridBeyond expressed that the acquisition would enable them to provide additional functionalities to its clientele through a new design platform spearheaded by their data science team.

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Veritone's Innovative Forecasting Technology

Veritone's "extremely accurate" forecasting technology is a prime asset with the potential to benefit the Irish start-up’s customers. It can aid them in generating revenues and facilitate their transition towards net-zero emissions.

The company, commercially known as Endeco Technologies since 2010, utilises AI and data science for optimizing energy generation and storage.

GridBeyond on an Expansion Spree

According to GridBeyond CEO Michael Phelan, this acquisition is a significant move in their strategic journey to enhance their capabilities in the "management and optimization of distributed energy assets".

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By integrating the capabilities of both organizations, Phelan envisions customers availing a comprehensive range of energy management and energy trading solutions that harness the power of AI and machine learning.

Moreover, the procurement of the Nasdaq-listed Veritone firm is hoped to enhance GridBeyond's reach in the North American market.

New Markets and Future Growth

Last year, GridBeyond secured €6m debt financing growth and established collaborations with partners in Japan to aid businesses in managing their energy resources and realizing significant savings.

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"Japan is the biggest deregulated market in the world.", highlighted Phelan.

The recent acquisition will now bring Veritone's employees over to GridBeyond, effectively doubling its workforce in North America.

This transitions indicates exciting times ahead. As Sean McEvoy, general manager of energy at Veritone, expressed, "We couldn’t be more excited to join the GridBeyond team".

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