Canadian-based data extraction and telemetry management company Symboticware has acquired deep-learning Natural Language Processing (NLP) artificial intelligence developer Palifer in a deal the former said will prevent unscheduled downtime for users.
Use of Palifer’s AI, Symboticware officials said, will also prevent unsafe incidents stemming from equipment failure and also optimize maintenance for customers.
Palifer, a start-up, is backed by accelerator Y-Combinator.
“Its patented AI algorithm extracts meaning from unstructured work orders and repair history files generated by technicians, repair mechanics and operators,” Symboticware said. “Work orders often contain inconsistent, misspelled and unorganized information that is impossible to process without significant manual work. By using Palifer’s algorithm, managers can focus on individual equipment units and components that fail more often or at a higher cost.”
The Palifer software has already been tested by a top Canadian mining group as well as industrial transportation company Deutsche Bahn. Its officials said its software is currently fully integrated with Symboticware’s telemetry platform 4-Sight.ai; it will be used as the technological core for a standalone AI platform under development.
Palifer’s Co-Founders Emerson and Morris Hsieh provided full support to prepare Symboticware for the AI implementation and will concentrate on other projects after the exit.
“Adoption of AI by industrial companies has traditionally been very difficult. This new technology changes the game,” Symboticware CEO Ash Agarwal said.
“Palifer’s AI is plug-n-play, can be online in hours and does not require hardware; [it] immediately creates value by preventing unscheduled downtime that can cost up to $130,000 per hour. The software is already built, tested at live operations and is ready to be deployed.”
Symboticware’s current customer roster includes Glencore, Vale and Newmont, among others.
Source: Symboticware