Avista and Itron Jointly Invest in TROVE Predictive Data Science
Spokane, WA (PRWEB) February 17, 2015 -- TROVE Predictive Data Science announces that Avista Corp. (NYSE: AVA) and Itron, Inc. (NASDAQ: ITRI) are investing in the future of TROVE to drive the future of data science. The two utility industry leaders are the newest members of an investment group focused on working collaboratively to solve the utility industry’s big data challenges.
TROVE goes beyond traditional approaches to data analytics by leveraging data fusion, data enrichment and sophisticated data science. TROVE technology helps utilities drive better decision-making, operating models and revenue streams based on breakthrough insights into customer behavior. The latest members of the syndicate bring new value-added expertise, mentoring and strong utility relationships to the equation.
“We are very excited and honored by the confidence placed in TROVE by Avista and Itron,” said Isaias Sudit, TROVE founder and CEO. “As leaders in the utility industry, our new investors have reputations that speak for themselves. Working together, we are on a springboard for leveraging predictive data science to address the key issues facing our industry and to spur additional growth and innovation.”
Avista Corp., founded in 1889, serves natural gas and electricity customers the states of Washington, Idaho and Oregon through Avista Utilities and in Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. “Through Avista's customer relationship with TROVE, we have experienced first-hand how TROVE’s data fusion and analysis technology can help utilities improve load forecasting and operational performance, and enhance customer services,” said Roger Woodworth, Avista vice president and chief strategy officer. “We’re excited to be investing in TROVE’s continued journey of innovation in the game-changing field of predictive data science.”
Itron is a world-leading technology and services company that provides comprehensive solutions to measure, manage and analyze energy and water. “Itron is focused on delivering the value of data intelligence for the smart grid and smart cities,” said Russ Vanos, Itron senior vice president, strategy and corporate development. “An investment in TROVE just makes sense. Itron views it as an opportunity to enhance energy and water analytics and beyond. Turning data from a variety of sources into usable information is the next step in grid evolution and the smart cities movement.”
Avista and Itron join long-time investor CUBRC, Inc., a world-class data science and information fusion company. The CUBRC technology that comprises the core of TROVE’s platform was initially developed for the U.S. Department of Defense and other national agencies.
Together, these three investors have contributed $8.4 million in strategic capital as part of TROVE’s latest round of funding. Additional investors are poised to join the investment group in the coming months.
Today, TROVE applications are helping utility companies such as Avista, Southern California Edison (SCE), Oklahoma Gas and Electric Company (OG&E) and a large southeastern utility with data-driven applications for load forecasting, revenue protection, demand-side management and program planning. The company has doubled its growth over the past year and has plans to leverage the new funding to hire additional personnel to support its growth trajectory.
About TROVE Predictive Data Science
TROVE delivers analytical solutions and data-driven insights to its customers. The company’s multi-source data fusion technology combines internal customer data with over 2,000 attributes of external third-party data. TROVE’s Sunstone Platform processes massive volumes of data, including structured, semi-structured, and unstructured data, as well as high-velocity streaming data. Its data scientists develop proprietary algorithms to observe data behavior and identify insights, providing value to customers through web interface tools. To learn more about TROVE, please visit our website at TroveData.com.
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Ginger Juhl, JUHL COMMUNICATIONS, +1 (720) 323-6560, [email protected]
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