Verdigris Technologies

Last updated
Verdigris Technologies
IndustryEnergy management
Founded2011;13 years ago (2011)
FoundersMark Chung

Thomas Chun

Jonathan Chu
Key people
Mark Chung (CEO)

Verdigris Technologies (Verdigris) is an artificial intelligence technology start-up founded in 2011 by Mark Chung, Thomas Chung and Jonathan Chu. [1] The company is headquartered in the NASA Ames Research Center located in Silicon Valley in California.

Contents

Verdigris is an AI-powered, IIoT cleantech platform for energy management in commercial and industrial smart buildings. Verdigris' technology uses proprietary hardware, AI, and software to measure building operations and enable energy savings. [2] In 2017, Fast Company named Verdigris one of the world's 10 Most Innovative Companies in Energy. [3]

Based on the concepts of Nonintrusive load monitoring, the Verdigris energy platform monitors every electrical device in a building by monitoring the electrical feeds coming off of the building's circuit panel. Verdigris provides data, actionable insights, and automation to help commercial facilities managers increase the energy efficiency of their buildings. Areas that Verdigris works to impact include: reducing power usage during peak hours; identifying motor problems that could be using excess energy; and detecting equipment faults before they occur. [4]

Verdigris' customers include hotels, corporate offices, agriculture and food producers, and manufacturers. Early customers included the City of San Jose, Autodesk, and Netflix. [5] Verdigris has over 500 systems deployed [3] in the Americas, Europe, the Middle East, Africa, and Asia. [6] Notable current customers include Jabil Circuit, Vention Medical, The W Hotel San Francisco (Starwood Hotels), [2] The Orchard Hotel in San Francisco, [7] and The Marriott Marquis in Washington, DC. [8]

Verdigris has raised about $15 million in venture funding. [3] Verdigris raised $6.7 million in an October 2016 venture capital round that was led by contract manufacturer Jabil and Verizon Ventures. [9]

Product Versions

The most recent (5th generation) version of the Verdigris energy platform, Einstein, was formally launched on August 30, 2016, with a live demo at the Jabil Blue Sky Center in San Jose, California. [10] According to Engineering.com, “Verdigris claims that Einstein differs from their previous hardware because it is more straightforward to install, and it has an integrated cellular radio. Previous equipment from the company required an attachment to an external data connectivity system.” [11]

Services

“We provide analytics and workflow automation to 24/7 facilities teams to improve operational efficiency, reduce equipment downtime, and save on energy, delivered as a SaaS,” said co-founder Thomas Chung to TechCrunch in March 2016. [12]

Verdigris smart sensors clamp onto electrical circuits to track a building's energy consumption and send the data securely over Wi-Fi or Verizon 4G/LTE to the cloud. Its sensors take hundreds of millions more data points than utility smart meters—every hour. This enables Verdigris AI technology and algorithms to “learn” a building's equipment over time.

Verdigris claims its sensors take hundreds of millions more data points per hour than a utility smart meter. Verdigris uses smart sensors that attach to a building's electrical panel wiring. This allows Verdigris artificial technology and algorithms to “learn” about a building.

Verdigris has three analytics products:

Verdigris forecasting for demand management uses a deep learning recurrent neural network model. It reads a building's energy usage in real-time, and, combined with weather or building occupancy, produces a probability distribution for estimated power consumption (kW).

The Verdigris system is certified for use in 38 countries including the United States, the European Union (32 countries), China, Malaysia, Mexico, India and Canada.

Company History

Verdigris co-founder and CEO Mark Chung came up with the idea for Verdigris when he returned home from vacation to a massive electricity bill. The local utility could not provide Chung with an itemized utility bill to show where he spent the extra electricity. Chung bought inexpensive kilowatt meters, hacked them to be wi-fi enabled, and built an electrical map to monitor every appliance in his house. He found the problem, a broken pool pump, and thought of a business idea to map commercial buildings that use a lot of energy. [13]

Verdigris participated in the Stanford accelerator, StartX, and as one of the StartX Notable Companies, was invested in by Stanford University. Verdigris was also one of the 10 inaugural winners of the Founder.org competition and was invested in by Founder.org Capital. NASA was also an early backer of Verdigris, and the two organizations have collaborated on projects including the Sustainability Base at Ames Research Center. [8] Verdigris is headquartered at the NASA Ames Research Park in Moffett Federal Airfield in Mountain View, California.

In December 2016, GreenBiz called Verdigris one of the ten companies to watch in the area of smart buildings. [9] CBInsights named Verdigris to the 2017 AI 100 list, recognizing the 100 most promising private artificial intelligence companies globally. [14] In 2017, Fast Company named Verdigris one of the 10 Most Innovative Companies in Energy. [3]

The name ‘Verdigris’ references the green patina that forms on copper left outside. “Copper is the elemental infrastructure of every single building in the world, what all of our electricity runs on,” said Chung. “And what we have as a company mission is this desire to expose that to the world and make it green." [13]

Related Research Articles

<span class="mw-page-title-main">Automatic meter reading</span> Transmitting consumption data from a utility meter to the utility provider

Automatic meter reading (AMR) is the technology of automatically collecting consumption, diagnostic, and status data from water meter or energy metering devices and transferring that data to a central database for billing, troubleshooting, and analyzing. This technology mainly saves utility providers the expense of periodic trips to each physical location to read a meter. Another advantage is that billing can be based on near real-time consumption rather than on estimates based on past or predicted consumption. This timely information coupled with analysis can help both utility providers and customers better control the use and production of electric energy, gas usage, or water consumption.

<span class="mw-page-title-main">Electricity meter</span> Device used to measure electricity use

An electricity meter, electric meter, electrical meter, energy meter, or kilowatt-hour meter is a device that measures the amount of electric energy consumed by a residence, a business, or an electrically powered device.

<span class="mw-page-title-main">EnOcean</span> Energy harvesting wireless technology

The EnOcean technology is an energy harvesting wireless technology used primarily in building automation systems, but also in other application fields such as industry, transportation, logistics or smart homes solutions. The energy harvesting wireless modules are manufactured and marketed by the company EnOcean, headquartered in Oberhaching near Munich. The modules combine micro energy converters with ultra low power electronics and wireless communications and enable batteryless, wireless sensors, switches, and controls.

Building automation (BAS), also known as building management system (BMS) or building energy management system (BEMS), is the automatic centralized control of a building's HVAC, electrical, lighting, shading, access control, security systems, and other interrelated systems. Some objectives of building automation are improved occupant comfort, efficient operation of building systems, reduction in energy consumption, reduced operating and maintaining costs and increased security.

<span class="mw-page-title-main">IMEC</span> International research and development organization

Interuniversity Microelectronics Centre (imec) is an international research & development organization, active in the fields of nanoelectronics and digital technologies with headquarters in Belgium. Luc Van den hove has served as president and CEO since 2009.

<span class="mw-page-title-main">Smart meter</span> Online recorder of utility usage

A smart meter is an electronic device that records information—such as consumption of electric energy, voltage levels, current, and power factor—and communicates the information to the consumer and electricity suppliers. Such an advanced metering infrastructure (AMI) differs from automatic meter reading (AMR) in that it enables two-way communication between the meter and the supplier.

<span class="mw-page-title-main">Peak demand</span> Highest power demand on a grid in a specified period

Peak demand on an electrical grid is the highest electrical power demand that has occurred over a specified time period. Peak demand is typically characterized as annual, daily or seasonal and has the unit of power. Peak demand, peak load or on-peak are terms used in energy demand management describing a period in which electrical power is expected to be provided for a sustained period at a significantly higher than average supply level. Peak demand fluctuations may occur on daily, monthly, seasonal and yearly cycles. For an electric utility company, the actual point of peak demand is a single half-hour or hourly period which represents the highest point of customer consumption of electricity. At this time there is a combination of office, domestic demand and at some times of the year, the fall of darkness.

<span class="mw-page-title-main">Smart city</span> City using integrated information and communication technology

A smart city is a technologically modern urban area that uses different types of electronic methods and sensors to collect specific data. Information gained from that data is used to manage assets, resources and services efficiently; in return, that data is used to improve operations across the city. This includes data collected from citizens, devices, buildings and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, urban forestry, water supply networks, waste, criminal investigations, information systems, schools, libraries, hospitals, and other community services. Smart cities are defined as smart both in the ways in which their governments harness technology as well as in how they monitor, analyze, plan, and govern the city. In smart cities, the sharing of data is not limited to the city itself but also includes businesses, citizens and other third parties that can benefit from various uses of that data. Sharing data from different systems and sectors creates opportunities for increased understanding and economic benefits.

<span class="mw-page-title-main">Load management</span> Process of balancing the supply of electricity on a network

Load management, also known as demand-side management (DSM), is the process of balancing the supply of electricity on the network with the electrical load by adjusting or controlling the load rather than the power station output. This can be achieved by direct intervention of the utility in real time, by the use of frequency sensitive relays triggering the circuit breakers, by time clocks, or by using special tariffs to influence consumer behavior. Load management allows utilities to reduce demand for electricity during peak usage times, which can, in turn, reduce costs by eliminating the need for peaking power plants. In addition, some peaking power plants can take more than an hour to bring on-line which makes load management even more critical should a plant go off-line unexpectedly for example. Load management can also help reduce harmful emissions, since peaking plants or backup generators are often dirtier and less efficient than base load power plants. New load-management technologies are constantly under development — both by private industry and public entities.

<span class="mw-page-title-main">Smart grid</span> Type of electrical grid

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taxes, local weather patterns, transmission and distribution infrastructure, and multi-tiered industry regulation. The pricing or tariffs can also differ depending on the customer-base, typically by residential, commercial, and industrial connections.

Nonintrusive load monitoring (NILM), nonintrusive appliance load monitoring (NIALM), or energy disaggregation is a process for analyzing changes in the voltage and current going into a house and deducing what appliances are used in the house as well as their individual energy consumption. Electric meters with NILM technology are used by utility companies to survey the specific uses of electric power in different homes. NILM is considered a low-cost alternative to attaching individual monitors on each appliance. It does, however, present privacy concerns.

<span class="mw-page-title-main">Home energy monitor</span> Electrical measuring device

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References

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