SUNNYVALE, Calif.--(BUSINESS WIRE)--Falkonry, Inc., a leading provider of operational analytics for Global 2000 industrial companies, today announced it has signed a memorandum of understanding (MoU) with Invasystems, a Texas-based industry solution provider that brings together data analytics and first principle (physics) based software solutions to better manage the value chain for clients.
Digital Oilfield applications leverage the capital investments in field data collection that oil and gas companies have already made. These investments include deploying more sensors, installing SCADA systems and storing the data in a historian. While traditional approaches, such as exception-based surveillance, can proactively manage oil and gas assets they are not as effective at predicting failures. Machine learning can help identify many issues which are not easy to predict using conventional steady-state or transient models, especially for thousands of wells.
As part of their agreement, Invasystems will adopt the Falkonry LRS machine learning system and empower well operation engineers to predict equipment and system failures. This will help oil and gas operators reduce downtime and increase production by detecting patterns and conditions in existing operations data.
Comments on the News:
- “We look forward to using Falkonry as part of our comprehensive suite of software that drives productivity gains right from the reservoir to the refinery stage for our oil and gas clients,” said Dr. Ashok Dixit, SVP of Oil & Gas at Invasystems. “Falkonry’s machine learning system enables field engineers to determine the corrective action to take, without the need for data scientists.”
- “Falkonry LRS provides predictive insights from the time series data that already exists within production operations,” said Dr. Nikunj Mehta, Founder and CEO of Falkonry. “Our relationship with Invasystems will help their clients derive value from predictive analytics sooner, with minimal risk and little upfront cost. Resource constrained teams can build upon the rapid learnings and equip their operations to pursue Digital Oilfield, Smart Plant and Smart Factory initiatives.”
ARC Industry Forum
- Falkonry will be at the ARC Industry Forum in Orlando on Feb. 12th - 14th.
- Falkonry will discuss how pattern recognition and machine learning has been shown to significantly reduce downtime and improve production throughput in industrial operations.
- Industry use cases include automotive, semiconductor, oil & gas, and metals & mining.
About Invasystems
Invasystems builds point solutions using advanced data analytics and mobility for different industries including oil & gas, power and process equipment manufacturing, to help augment client’s digital adoption journey. For more information, please visit www.invasystems.com
About Falkonry
Falkonry is a leading provider of operational analytics for Global 2000 industrial companies. Falkonry’s ready-to-use machine learning system empowers practitioners to accelerate the digital transformation of industrial operations by delivering new analytical insights from patterns hidden inside operational data. Our customers, who span multiple industries and applications, are realizing improvements in throughput, quality and yield. For more information about Falkonry and its products, please visit http://falkonry.com/.