SAN JOSE, CA, Sept. 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Sonasoft Corp. (OTCQB: SSFT) is proud to announce that they are helping DEC members save millions on their electricity bills. Since the start of July, Sonasoft has provided Delaware Electric Cooperative with an AI solution to help them control coincident peaks (CPs). These events occur when their suppliers see demand surging, leading to a huge financial cost for DEC.
DEC is a cooperative that aims to save its members money. To reduce costs, DEC issues Beat-the-Peak notices to its members. These encourage them to reduce demand for short periods in order to cut the overall peak. This process saves millions of dollars each year. But missing just one CP could cost over a million dollars. Since last year, Sonasoft has been working to develop an AI bot that can deliver more accurate peak forecasts for DEC. This was only possible because DEC is a data-driven company. As Bill Andrew, President and CEO of DEC, says, “People don’t understand AI. You have to have good data, and you have to understand what you are trying to attain.”
Sonasoft was the perfect partner for this initiative. “Sonasoft’s AI solutions are built on our unique NuGene engine,” says Ankur Garg, Chief AI Strategy Officer at Sonasoft. “NuGene takes data from multiple disparate sources and is able to spot relevant correlations that other AI tools simply miss. Even better, the models leverage continuous learning. This allows them to become more and more accurate as well as giving them the flexibility to adapt to changing circumstances.”
The Sonasoft AI bot went live at the start of July and is already proving its value. This year saw one of the hottest Julys on record on the East Coast. As a result, there were nine Beat-the-Peak notices issued, saving DEC members over $1.3m. Over this period, NuGene ensured that the Sonasoft AI bot became more and more accurate at predicting demand. By the end of July, its predictions were spot on.
Looking to the future, Bill Andrew is excited about the potential of AI in the electricity supply market. “AI is allowing us to shift our culture from static forecasting techniques to dynamic data technology strategies. As a result, AI is becoming a key tool in our toolbox and will be central to our strategy moving forward. As DEC gains more experience and the AI Bot learns more, we hope to minimize BTP events through the use of this technology.” The technology has been so successful that several of DECs strategic partners have shown an interest and some of them are evaluating deals of their own with Sonasoft.
Over the coming months, DEC hopes that the Sonasoft AI bot will become accurate enough to enable automatic Beat-the-Peak notices to be issued. It is already well on the way to reaching this goal, generally proving itself as accurate or more accurate than any of their existing forecasting models. At this point, Sonasoft’s AI will be actively driving multi-million dollar savings every year.
Notes
- Sonasoft was founded in Silicon Valley in 2003. For more information about the company, please visit: https://www.sonasoft.com
- Sonasoft NuGene is a unified AI platform that can process any type of data and generate autonomous AI models. For more information about Sonasoft’s Artificial Intelligence (AI) Solutions, please visit: https://www.sonasoft.com/products/artificial-intelligence-ai/
- For investor-specific information, please visit: https://www.sonasoft.com/investors/
Investor Contact:
Mike Khanna, CEO Sonasoft Corporation
Phone: (408) 708-4000 X7104
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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Sonasoft Helps DEC Members Beat-the-Peak to Save $1.3M - GlobeNewswire
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