Myst AI secured a $6 million Series A financing round to continue developing an artificial intelligence platform for time series forecasting in electricity.
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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. With the new funding, the company has raised a total of $8 million to date.
The San Francisco-based startup is using AI to create a data analysis platform intended for electricity demand and supply forecasting. The new funding will be used to expand its Forecasting-as-a-Service offering.
Time series has a unique quality in that the data set is nonstationary, or in motion, Verhoeven said.
“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. “We believe forecasting is the key to solving big problems that we see, such as climate change and food waste. Electricity demand is tied to things like buying Teslas and charging overnight.”
Myst AI has come out of stealth mode a bit and is poised to scale fully in 2021. The Series A puts the company in position for growth, Verhoeven said. 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.
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.
“Ultimately empowering others is where we think the market is going,” Verhoeven said.
Feature photo of Myst AI founders Titiaan Palazzi and Pieter Verhoeven courtesy of Myst AI.