With over $120 billion lost from unplanned electric utility outages every year, it’s no wonder Smart Grid has generated such a buzz. Smart sensors, meters and legacy systems are generating immense amounts of data to help drive proactive business decisions. Nonetheless, data is still being used reactively to analyze events after they have occurred.
PingThings, an innovator in predictive intelligence for the electric utility industry, announced today that it has received funding from GE Ventures and Frost. PingThings PredictiveGrid™ focuses on harnessing intelligence from tremendous volumes of data, giving alerts that specific disruptive events are occurring or impending. Operators can significantly optimize asset health, save costs and improve energy reliability with new actionable intelligence.
PingThings is an investment of Frost I3, the Incubator of the Industrial Internet, established by GE Software and Frost Data Capital last year. Frost I3 creates and launches pioneering technology start-ups, tapping into opportunities in the Industrial Internet. Frost Data Capital brings together experienced entrepreneurs, funding, and a collaborative innovation approach, while GE Ventures provides start-ups with the funding, resources and expertise to advance their industrial technologies and solutions.
To find out more about PingThings, visit http://pingthings.io
