AI ‘Fortune-telling’: Texas-based firm creates AI algorithm to prevent costly machine downtimes
Veros Systems, a Texas-based AI tech firm, helps machinery owners to “gain actionable insights on rotating equipment reliability, performance and process abnormalities using only electrical signal analytics.” In essence, Veros has created a technology that can predict system failures using electrical waveform analysis. What does that mean, exactly?
According to the Veros website, their technologies use “edge measurements and processing,” which combines “rich electrical waveform data with machine learning and AI-based algorithms – leveraging over a decade of historical and event data – to provide predictive insights into machine operation and health, making the Industrial Internet of Things (IIoT) a reality.” To put it simply, Veros has created a technology that predicts mechanical failures; before they happen.
Knowing when a machine will break down can help companies to decrease downtimes, improve efficiency and optimize maintenance, thus helping to cut costs and boost profits. In a recent statement, Harry Brekelmans, Projects and Technology Director at Shell Global, said, “We estimate that Veros could deliver an additional $300 million a year of production that would otherwise have been lost by unplanned shutdowns.” Impressive, to say the least!
Are you developing a technology that uses AI-based algorithms to deter production delays? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
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