In addition to bringing on more energy customers, Myst AI has plans to grow its team and launch a new platform next year to enable customers to build their own energy forecasting use cases. While the company is focusing on helping electricity companies with forecasting use cases, and procuring and selling energy in the marketplace, there are plans for other verticals as well, he added. By combining AI, machine learning and data science with the latest cloud technologies, Mist AI automates Wi-Fi operations, gives visibility into the Wi-Fi user experience and delivers high accuracy Bluetooth® LE location without requiring battery beacons.
The Series A puts the company in position for growth, Verhoeven said. Juniper Driven by Mist AI Juniper driven by Mist AI is using artificial intelligence to revolutionize IT. Myst AI has come out of stealth mode a bit and is poised to scale fully in 2021. Electricity demand is tied to things like buying Teslas and charging overnight.” “We believe forecasting is the key to solving big problems that we see, such as climate change and food waste. “It is insanely relevant for all companies because if you can predict the future, that is valuable, but you need an accurate forecast to achieve that,” he said.
Time series has a unique quality in that the data set is nonstationary, or in motion, Verhoeven said. The new funding will be used to expand its Forecasting-as-a-Service offering.
The San Francisco-based startup is using AI to create a data analysis platform intended for electricity demand and supply forecasting. With the new funding, the company has raised a total of $8 million to date. Valo Ventures led the investment with participation from Gradient Ventures, which led Myst AI’s $2 million seed round in 2018, Pieter Verhoeven, co-founder and CEO, told Crunchbase News. Myst AI secured a $6 million Series A financing round to continue developing an artificial intelligence platform for time series forecasting in electricity.