Mining solutions firm Symboticware has acquired Palifer, the developer of a deep-learning Natural Language Processing (NLP) AI software that generates data from work orders created in natural language.
Symboticware said it will use the AI-based solution to reduce customers' unscheduled downtime, prevent unsafe incidents caused by equipment failure and optimize maintenance.
Palifer is a Silicon Valley-based technology startup backed by accelerator Y-Combinator. Its AI algorithm extracts meaning from unstructured work orders and repair history files generated by technicians, repair mechanics and operators.
Work orders often contain inconsistent, misspelled and unorganized information that is impossible to process without significant manual work. Palifer says that by using its algorithm, managers can focus on individual equipment units and components that fail more often or at a higher cost.
Palifer's software has been used by Deutsche Bahn, the world's second-largest transportation company, and by a leading Canadian mining company, wrote the Symboticware statement
The software is integrated with Symboticware's telemetry platform 4-Sight.ai and will also be used as the technological core for a standalone AI platform under development.
"Adoption of AI by industrial companies has traditionally been very difficult. This new technology changes the game. Palifer's AI is plug-n-play, can be online in hours and does not require hardware," says Symboticware CEO Ash Agarwal. "The product 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 customers will now be able to leverage the multi-year service records to reduce unscheduled downtime and get data from work orders that historically have been perceived as not very useful," - commented Palifer's Co-Founder Emerson Hsieh.
"We are fully confident in the bright future of our AI technology which is now part of Symboticware's product lineup," - added Palifer's Co-Founder Morris Hsieh.
