The company's growth underscores the power utility industry's digital transformation and rise of AI for efficient and accurate infrastructure inspections and substation security
PALO ALTO, Calif., May 29, 2024 /PRNewswire-PRWeb/ -- Buzz Solutions, an AI company that inspects and protects critical energy infrastructure, today announced an overview of its key milestones and growth over the last 12 months. Buzz Solutions' expansion and market traction indicate that increasing challenges with grid resilience and physical asset security drive utilities globally to adopt solutions that enable the most efficient, accurate and scalable way to inspect and protect critical power infrastructure.
The power utility industry faces several challenges today. First, is the stability of an aging power grid that is increasingly susceptible to damage from extreme weather and other natural causes. Secondly, there is an increased concern for protecting substations from human attacks and trespassing. The push toward electrification and adoption of renewables are further straining the grid, and anomalies that go undetected can have profoundly negative effects though forced shutdowns, blackouts and devastating grid-sparked wildfires.
Previously power utility companies had to rely on manual inspections of infrastructure, which was both time-consuming and dangerous for utility workers. The advent of visual inspection via drones, helicopters and fixed-wing aircraft accelerated the image capture process, but still required manual review of hundreds, or thousands of images. Likewise, substation condition assessment and surveillance relied on around-the-clock human security or cameras with limited capabilities. Advancements in AI and computer vision are transforming both of these scenarios.
Buzz Solutions is a fast-growing leader in AI-powered predictive analytics for visual T&D (transmission and distribution) infrastructure inspections. The company also provides a comprehensive solution for substation surveillance and equipment condition assessment. As power utilities increasingly embrace digital transformation, Buzz's clear and tangible value proposition has catalyzed exponential growth for the company, which is well-positioned to dominate a key component of our world's rapidly changing energy needs.
"The global energy industry is at a major inflection point with the convergence of sustainability and security concerns," said Kaitlyn Albertoli, CEO and Co-Founder of Buzz Solutions. "Failed grid infrastructure— accidental or deliberate—poses a profound risk for communities and the environment, but there is a significant opportunity to employ technology and AI to mitigate these challenges. Our recent growth demonstrates the innovative steps utilities are taking to drive cost savings and maximize the safety of people and the planet."
"We continue to drive solutions for utility use cases with our core technologies by enhancing the capabilities of our PowerAI platform for T&D infrastructure inspections and through the introduction of our new PowerGUARD platform for security and condition monitoring of substation infrastructure," said Vikhyat Chaudhry, COO/CTO and Co-Founder of Buzz Solutions. "Our industry-leading AI products and software solutions help utilities to efficiently, safely and proactively inspect, monitor and secure their critical infrastructure."
12-Month YOY Highlights Include:
Company Growth and Milestones:
- In March 2024, the company announced a $5 million round of growth funding led by GoPoint Ventures with participation from Blackhorn Ventures and MaC Venture Capital. The investment brings the total raised to $10.7 million.
- Grew its US customer base by 50%
- 100% overall company revenue growth
- 30% YoY growth in team size
- 110% YoY growth in the number of partnerships
Customers Using Buzz's Technology:
- Key existing customer expansions include leading regional utilities including the New York Power Authority and Southern California Edison.
- Key new customers include DRIFT ENTERPRISE which selected Buzz Solutions to Deliver AI-Powered Infrastructure Inspections for Caribbean Utility Companies
New Product Innovations:
- Debuted PowerGuard, the AI-driven security and monitoring solution for substations, focusing on enhancing safety, reducing operational costs, and improving response times through advanced, real-time monitoring and alerts.
- PowerGUARD delivers real-time alerting for security events, such as perimeter intrusions whether by person or by car, safety detections, such as proper PPE gear wearing or linemen injured on the job, and condition-monitoring of equipment for preventative maintenance leveraging both RGB and thermal data.
New Product Integrations and Partnerships:
- Buzz Solutions and Skydio partnered on a Transmission, Distribution and Substation asset inspection solution that combines Buzz Solutions' leading utility asset computer vision inspection technology, PowerAI with Skydio's U.S.-manufactured fleet of industry-leading autonomous drones and the Skydio Extend API, allowing utility practitioners to leverage a fully automated asset management inspection process.
Buzz Solutions Team:
- Buzz Solutions scaled to 20 employees in 2023.
To learn more about Buzz Solutions visit: https://buzzsolutions.co/
About Buzz Solutions
Buzz Solutions safeguards the world's energy infrastructure with an AI-powered predictive analytics platform for visual infrastructure inspections. The company enables field teams to prioritize and perform maintenance in a timely manner reducing the likelihood of wildfires, forced shutdowns, and power outages resulting from failed grid infrastructure. Buzz also enables utilities to monitor substation infrastructure for security, safety, and high-energy events. Buzz works with several large utilities across North America, including the New York Power Authority, Southern California Edison and others. The company is backed by GoPoint and MaC Ventures, and is proudly supported by additional investors including POWER Engineers, Blackhorn Ventures, Vodia Ventures, and Ulu Ventures. Buzz was established and is headquartered in Palo Alto, California. For more information, visit http://www.buzzsolutions.co or follow us on LinkedIn.
Media Contact
Peter Moran, Indicate Media, (347) 880-2895, [email protected], indicatemedia.com
SOURCE Buzz Solutions
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