Founder and chief executive, Dr. Amit Narayan stated that “The capacity of the [smart] grid is not deployed efficiently”. His technology analyzes data collected by smart meters (by putting sensors on the electric grid) to enable operators to meet supply and demand. With the use of machine learning, which gets smarter over time, it can make predictions about energy consumption patterns inside buildings and across service regions. It can then forecast how much electricity will potentially be needed in the upcoming hours or days.
With the advent of analytics tools, we can begin to make predictions about the future and further optimize energy usage. “Up to 20 percent of the power-generating assets in some regions only get deployed ten or fewer days a year,” said Dr. Narayan. His current major customers include the City of Palo Alto Utilities and Sacramento Municipal Utility District.
Before AutoGrid, Dr Amit Narayan taught on the topic of electronic design automation software at Berkeley and Stanford. He founded Berkeley Design Automation, which is used by more than 20 of the top 25 chip developers.
What’s interesting from a competitive standpoint is the company’s focus on pattern-recognition and predictive analysis. The company’s investors include Foundation Capital, Voyager Capital, and Stanford University. Last year, it won a $5 million grant from the U.S. Department of Energy program to devote to improving the product.
Smart meters, it’s the future!