Energy

GridBeyond Acquires Veritone Energy to Expand Capabilities of Distributed Energy Assets

In this Research Note, we examine what’s behind the move by Veritone to divest their energy unit as well as assessing GridBeyond’s focus and strategic rationale for acquiring the business. This analysis is based on Veritone’s 2022 10K Report, investor presentations and GridBeyond’s media coverage over recent years. Headquartered in Denver, Colorado, Veritone, Inc. is a provider of AI solutions, powered by their proprietary AI operating system, aiWARE, to deliver differentiated products and solutions to Commercial Enterprise and Government & Regulated Industries customers. The company reported 2022 revenue of $149.7 million with a reported net loss of $25.6 million. The divestment of Veritone Energy is part of the company’s efforts to accelerate their pathway toward long-term profitability. During the second half of 2020, Veritone launched their energy solutions business as part of their Government & Regulated Industries solutions to help customers increase profitability and improve grid reliability as they make the transition to renewables. Veritone […]

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