AI that Runs the Power Grid: Invenia Raises $5 Million
Winnipeg, Manitoba (PRWEB) May 10, 2017 -- Invenia, creator of a machine learning platform that optimizes power grids and reduces harmful emissions, today announced a $5M USD Series A investment. The investment is led by Zetta Venture Partners, a Silicon Valley venture firm focused on artificial intelligence.
Invenia reduces CO2 and particulate emissions by improving the planning process used to operate the power grid. Invenia’s autonomous machine learning system uses unique data and algorithms to add efficiency to the generation, transmission and delivery of electricity.
In the US, electricity generation is the source of 35% of CO2 emissions (source), and more than 12,000 deaths and 20,000 heart attacks are caused by pollution from coal annually (source). By optimizing the grid, Invenia reduces emissions and lowers costs.
Invenia currently improves the efficiency of the grid for over 37 GWh of power (enough to run 2 million homes for a year), while lowering CO2 emissions by over 2 million tonnes (an average car emits around 5 tonnes per year).
“Invenia is applying machine learning techniques in a most impactful way,” says Ash Fontana of Zetta Venture Partners. “The team has carefully built their technology, operations, and culture around a core set of values that reflect our moral imperative to reduce CO2 emissions and pollution.”
Invenia has built a team of researchers from top universities such as Cambridge University in the UK, where it recently opened its second office. Advisors include Zoubin Ghahramani (Cambridge, Chief Scientist of Uber) and Doyne Farmer (Oxford, co-founder of the Prediction Company, acquired by UBS).
“Our partnership with Zetta will help us to continue scaling our contributions to both AI and grid efficiency,” says Matthew Hudson, CEO and co-founder of Invenia. “Invenia’s long-term mission reaches beyond electricity, as we look for ways to apply machine learning to add both economic and social value by reducing waste.”
About Invenia
Invenia optimizes the electrical grid, using a cloud-based machine learning platform that makes autonomous decisions for important real-world problems. The technology learns patterns of electricity production, consumption, and transmission, and to make autonomous decisions that help make the grid more efficient while reducing harmful emissions.
Media Contact
Brian Dema
Zetta Venture Partners
+1-847-347-8290
brian(at)zettavp(dot)com
Brian Dema, Zetta Venture Partners, http://zettavp.com/, +1 847-347-8290, [email protected]
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