SAN JUAN CAPISTRANO, Calif.--(BUSINESS WIRE)--PingThings, an innovator in predictive intelligence solutions for the utility industry, has been selected to speak at the Siemens 2014 New Venture Forum, October 28th and 29th in Menlo Park at the Quadrus Conference Center. The New Venture Forum will showcase 20 innovative startup companies as part of its venture community event. The companies will present their product offering in the areas of mobile, cloud, visualization and smart data analytics.
PingThings recently emerged from an incubator program funded by Frost Data Capital. PingThings has designed a next generation predictive analytics engine that can provide real-time feedback of both natural and man-made disruption events such as solar storms and transformer fails. Each year, nearly $120 billion in costs can be attributed to unplanned outages in the United States resulting in significant material impact on operations according to study by the Lawrence Berkeley Laboratories.
“Big data is abundant in utilities, but the industry has been challenged due to the lack of sophisticated tools to provide a predictive analytics solution that can manage, process and interpret the data and then deliver newly curated actionable information in real time,“ said Rich Sootkoos, CEO, PingThings. "Our solution opens the door to preventative utility management that directly saves money for electric companies and heartache for its customers.”
About New Ventures Forum (NVF)
The Siemens New Ventures Forum is a business plan showcase that allows entrepreneurs to present before an influential audience, engage with Siemens and accelerate partnership discussions, and network with the vibrant innovation ecosystem of the San Francisco Bay Area.
For the 2014 event, Siemens TTB invited 21 startup companies out of 130 applicants in the areas of “Smart Data” analytics, data-driven services, cloud-based technologies, smart grid and factory automation and robotics. http://www.ttb.siemens.com/en/events/
About PingThings
PingThings brings predictive intelligence solutions using its platform based on synchrophasors modeling to minimize environmental disruption and improve grid stability. The platform identifies and mitigates risks from both natural and man-made events such as solar storms and transformer fails that can severely disrupt and damage electrical systems. PingThings is a Frost Data Capital company and is based in San Juan Capistrano, California. For more information, visit http://pingthings.io/.
