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TimeGPT stable release, now available for everyone
We’re thrilled to announce the release of the stable version of TimeGPT with new features, improvements, and broad availability!
🚀 We’re thrilled to announce the release of the stable version of TimeGPT! 🚀
This release takes TimeGPT out of beta and makes it broadly available to anyone. We've added features and improvements, updated documentation, done more benchmarking, added an R package, created an Excel plug-in (in beta), made it available on Azure AI Studio as TimeGEN-1, and made it easy for anyone to get started with our free trial.
When we launched the beta version of TimeGPT as the first foundational model for time-series forecasting, we received more than 20,000 requests from people eager to try fast, easy and accurate forecasting. We worked with a limited number of beta testers from across a broad set of industries and use cases who shared helpful and thoughtful feedback with us.
We are happy to see that TimeGPT and TimeGEN-1 are working well for people across a wide set of use cases, helping them with their forecasting by improving accuracy while also reducing the complexity of their deployment and time to results. For example, one of the biggest retailers in the world uses us for financial forecasting, a European energy distributor is using Nixtla software for advanced energy prediction models, a non-profit is using TimeGPT to enhance their ability to predict and respond to potential public health threats, and a small retail company is using TimeGPT to improve their staff cost planning.
Bridgestone, one of the largest tire and rubber manufacturers, uses time-series forecasting to predict monthly demand for a vast portfolio of products. Since implementing TimeGEN-1 on Azure, they saw a significant improvement in forecasting accuracy, with errors reduced by nearly 30% on average during periods of high volatility, allowing them to streamline operations and optimize supply-chain efficiency.
One user shared:
"Before TimeGPT, our team spent a lot of time creating and maintaining forecasting pipelines. Now, we do state-of-the-art forecasting in a few lines of code and in just a couple of seconds. TimeGPT saved us major hours and headaches."
We love to see that people are incorporating TimeGPT or TimeGEN-1 into their data and AI platforms as well. MindsDB, OpenBB and RoadmapTech all include them in their platforms, allowing their users to maintain the privacy of their data while connecting data to forecasts. MindsDB shared that their customers are seeing significantly improved accuracy with TimeGEN-1, using zero-shot forecasting for initial demand estimates and anomaly detection, and additional fine-tuning for specific high-impact use cases.
“Integrating TimeGEN-1 with MindsDB creates an impactful combination for predictive insights directly within business databases, so organizations can react swiftly to a rapidly evolving global market.” -Jorge Torres, CEO, MindsDB
We're so grateful for our amazing community and all that you've shared with us! 🫶
Highlights in the new version:
🌐 New Features: Introduction of timegpt-1-long-horizon for long-term forecasts. Enhanced uncertainty quantification and probabilistic features. Advanced model fine-tuning with diverse loss functions. Support for distributed computing (Spark, Ray, and Dask). Improved accuracy for hourly data.
⚡ Improvements: API now supports much bigger files for large scale forecasting. Faster inference speed, higher reliability with retries and improved error messages.
🔥 TimeGPT in R: nixtlar now available on CRAN.
💾 TimeGPT for Excel (Beta): forecast and perform anomaly detection in a few clicks in your Excel spreadsheets. View the demo or install the plugin.
🔜 TimeGEN in Azure AI Studio: TimeGEN-1 is an optimized version of TimeGPT for the Azure AI model catalog. It is offered as a Model as a Service (MaaS). Join here.
📚 Documentation: Revamped layout, new tutorials and use cases including What-if scenarios, intermittent demand, web traffic and energy demand.
🔎 Benchmark of foundation models: we tested different foundation models against a wide variety of models in a large dataset and found that TimeGPT-1 ranks first in terms of accuracy and speed. See our reproducible benchmarks.
💙 We’re excited for you to give it a try. Activate your free trial for the early user special rate, check out our Quickstart Guide, and as always we'd love to hear what you think. Join our Slack community or reach out to us at ops@nixtla.io.
Happy forecasting!
Handy links:
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