The climate crisis has effectively changed corporate social responsibility (CSR). Business organizations are rapidly adopting green-tech solutions. It is worth noting that various small and large-scale companies around the world have adopted such responsible measures into their business strategies. Additionally, the ongoing global economic crisis caused due to the COVID-19 pandemic has also set sustainability as an important criterion.
Today, green-tech startups are attracting venture capitalists. The industry is constantly gaining new support from socially responsible investors, green investors, and popular crowdfunding platforms. As a result, numerous organizations are constantly working on innovative AI and data-driven solutions that can help reduce the global carbon footprint.
Verdigris Technologies is one such artificial intelligence-based IoT platform that makes buildings smarter and more connected while reducing energy consumption and costs. It has developed a smart electrical meter system that can be installed on a panel to analyze and reduce wasted energy spending.
“By combining proprietary hardware sensors, machine learning, and software, we ‘learn’ the energy patterns of a building,” says Mark Chung, CEO and co-founder of Verdigris Technologies.
From a Question to a Revolution
Mark was always interested in technology. He studied electrical engineering at Stanford and learned to design integrated chip circuits. Since his graduation, Mark has served in various management and executive roles for 25 years. However, his curiosity led to the inception of Verdigris.
In 2010, while discussing an expensive residential electricity bill with Jon Chu (co-founder of Verdigris), the duo decided to work on a project to determine the cause. After numerous failed attempts, they created a prototype for deep packet inspection. On observing the data, they realized that every device in his home registered a unique signature. Later, Mark found that these losses amount to up to 15% of carbon-based emissions. Thus, he decided to use technology-based solutions to improve the energy efficiency of buildings and industries and reduce their carbon footprints.
Presently, Verdigris’ AI software produces comprehensive reports including energy forecasts, alerts about faulty equipment, maintenance reminders, and detailed energy usage information for every device and appliance. Verdigris offers a suite of applications that gives building engineers a complete overview, an ‘itemized utility bill,’ powerful reporting, and simple automation tools to increase flexibility. “Verdigris is transforming how we optimize our buildings,” says Mark. “With automation, we’re delivering greater than 30% annual ROI to our customers.”
An Initiative towards Change
To lower carbon emissions and create a green future, the world needs vibrant visionary leadership and sagacious wisdom from top CEOs and the management of corporations. With a similar vision, Mark established Verdigris in 2012. The Silicon Valley-based company offers an AI-powered, cleantech platform for energy management in commercial and industrial smart buildings. Verdigris also excels in the Internet of Things (IoT), machine learning algorithms, energy demand management, smart buildings, energy metering, and various other sustainable green solutions.
“I truly believe that technology can make a difference for the future of humanity,” revealed Mark. “Verdigris can provide the responsive energy intelligence that is the key to eliminating electricity waste.”
Highly Efficient Metering
Verdigris’ unique AI detects every anomaly that can help reduce energy waste. Its energy meters measure energy consumption 8,000 times per second, collecting more granular data than competitors. Verdigris features unique data streams such as power quality and total harmonic distortion.
The company also offers the lowest cost-per-metered endpoint as compared to other energy monitoring solutions. Additionally, Verdigris has unique tracking metrics that set it apart from its competitors. Important tracking details along with custom key performance indicators (KPIs) are sent weekly via email to the clients. This acts as an added bonus for the customers.
IoT-based Energy Meter
The company’s smart meter can track energy consumption efficiently as it is equipped with numerous sensors. These sensors measure electricity usage and send the data securely over the internet to the cloud. The meters are certified and are compliant with multiple international standards including Underwriters Laboratory, Conformité Européenne (CE), Federal Communications Commission (Class A), and Technischer Überwachungsverein (TUV).
Verdigris’ IoT-based meters are easy to install and it takes only 30 to 120 minutes per panel. These meters can be mounted to the buildings at any electrical terminal, including breaker boxes, sub-panels, switch gears, mains, or can be mounted externally. These sensors themselves consume less than 10 watts, which is equivalent to an internet router.
With the advanced energy-saving meters, Verdigris aims to prove the business advantages of sustainable and environmentally conscious practices. The company has successfully reduced the energy spends for customers by 20-50%. As businesses are continuously realizing the scope of eco-friendly solutions that can save money and help the planet by reducing their carbon footprint, the adoption of tech-based solutions is due to rise.
Towards Sustainability as a Society
Green-techs face additional challenges brought on due to the inherent need of the product to serve a greater goal—social responsibility, economic value, and environmental impact. However, these ventures are typically led by passion and drive to rise above challenges. With an increase in socially responsible investment (SRI) initiatives, many large conglomerates, as well as governments of various countries, are constantly promoting a sustainable future. Investments being out in companies that pursue socially conscious business opportunities, including those in the green industry today, will significantly dictate the future.
“Knowledge is the key. Read and become informed about the world we live in,” asserts Mark. Although there are many practices that need to be adopted on a personal level in order to encourage sustainability, education truly is the key. It is important to educate the next generation on sustainable practices.
“Be a leader and instill a sustainable foundation for the youth and the leaders of tomorrow because achieving sustainability will require all of us to do our part,” advises Mark.
Read full issue: The 10 Innovative Green Tech Companies to watch in 2022