SEOUL, South Korea--(BUSINESS WIRE)--OnePredict, a leader in Industrial AI (Artificial Intelligence) technology, has successfully won bids to provide its solutions to major energy companies. OnePredict provides cutting edge industrial AI solutions to various industries including utilities, oil & gas, manufacturing and transportation.
A single accident with industrial equipment, such as power transformers and turbines, can cause the loss of tens of millions of dollars and human fatalities. For this reason, industrial companies are making significant efforts, including periodic monitoring to diagnose equipment status in advance, as well as introducing the latest technology to predict failures. The accelerating construction of the “Digital Twin”, which has recently emerged, also demonstrates the efforts of these companies.
“Digital Twin,” the main technology of OnePredict, is a technology that predicts the results in advance by creating twins of real world objects on a computer and simulating situations that may occur in the real world with a computer. This technology is recognized for its advanced technology and demand from the industrial facilities.
OnePredict received a series B investment of $13.5 USD (15 Billion Korean Won) in March 2020. Since then, OnePredict has been dedicated to developing its technology and business to secure market competitiveness by verifying the value of products through a variety of successful POCs (Proof of Concepts). Since receiving the investment, OnePredict has been recruiting new staff with a target to double the employees to 60, including top AI developers and Data Scientists to strengthen its technology. Over 70% of the staffs is focused on the development of technology and the product enhancement.
OnePredict's “Digital Twin” solution, part of the GuardiOne® Series, provides an analysis solution that innovatively improves the fundamental limitations of conventional diagnosis and prognosis method by integrating AI technology. In addition, it minimizes human error by providing indicators of quantitative condition analysis for main failure modes of facilities through deep learning technology. Moreover, with providing screen configuration and functions tailored to the user's convenience, it is possible to easily check the equipment status without requiring an expert to manage the system.
The POC is a main key factor to strengthen the market leadership of GuardiOne®. The accuracy of GuardiOne®'s diagnosis and prediction is ensured to customers through the POCs. Through this process, OnePredict’s solutions are optimized until the final implementation at the customer site. Currently, numerous POCs are in progress and are expected to expand industrial fields and increase future revenue.
OnePredict has recently signed a contract to provide its industrial AI solution, ‘GuardiOne® Transformer’ for eight 345 kilovolt (kv) electric transformers to KOWEPO Thermal Power Plant. The launching of the advanced AI-based Transformer Diagnosis and Prediction technology project with KEPCO in October 2020 and the introduction of the GuardiOne® solution to about 500 electric transformers owned by oil and gas conglomerate S-Oil are also tremendous achievements for OnePredict.
OnePredict is focused on enhancing its products through domain experience and knowledge. While expanding its customer base in substation facilities and turbines, OnePredict is also preparing to commercialize its solutions to major smart factory equipment such as robots and motors. In addition, it is spurring the recruitment of top developers and sales personnel in order to expand into global markets such as North America and Southeast Asia based on excellent success cases of the Korean market.
About OnePredict
Founded in 2016, OnePredict provides a cutting-edge solution of predictive analytics software for industrial applications. Its flagship product GuardiOne® offers a complete set of end-to-end solutions that detect, diagnose, and predict remaining lifespan and equipment failures in advance. It achieves a much higher accuracy as compared with the conventional rule-based method using raw data. Combined with depth of domain knowledge and a rich set of available data, the company has successfully delivered some of the challenging projects that extend across customers in energy, power distribution, oil and gas, manufacturing, marine, and automotive industries. Some of its marquee customers include KEPCO, Korea’s largest power company, S-Oil, Korea’s oil & gas conglomerate, and YGPA, Korea’s Port Authority located in YG Korea.
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