Newly launched Alchemy IoT outlines its plans for a new approach to managing industrial assets using artificial intelligence.
Alchemy IoT, a provider of IoT asset intelligence for industrial IoT, launched last week with $4 million in funding.
According to the company, its product is driven by a ‘no-code’ approach to what it calls ”IoT asset intelligence”. This, apparently, focuses on simplifying how management, performance and maintenance of industrial assets can be improved using artificial intelligence (AI) and machine learning.
The company plans to target small to medium-sized industrial customers with limited technical and data science resources – the sorts of organizations that find it tough to bring complex IoT applications online.
Shifting value stream
Alchemy IoT CEO Victor Perez says that the cloud-based approach behind his team’s software eliminates complexity and cost from big data and IoT initiatives, by shifting the “value stream” to the IoT asset itself.
He and his team have built standardized workflows to enable the adoption of the company’s ‘Clarity’ application, software that creates a digital twin of industrial assets. Using Clarity, users can visualize asset information in the form of graphical dashboards, analyze asset performance through unsupervised machine learning and take proactive action to increase the productivity of industrial fleets and machinery.
“Clarity delivers self-learning, predictive analytics to automate complex tasks typically performed by high-cost and scarce data scientists. Offering asset data analytics through a low-cost SaaS [cloud] model also enables customers to quickly deploy and scale thousands of devices within 48 hours of using Alchemy’s auto-provisioning capabilities,” said Perez.
AI via SaaS AI, for IoT
To clarify then, that’s device asset intelligence (AI) analysed using cloud-based artificial intelligence (AI) from a young operation taking a comparatively new set of AI tools (in both senses of the acronym) to market.
The operation of this software, meanwhile, depends on Alchemy’s proprietary Self-Learning Maintenance Algorithm (SeLMA), which seeks to make each connected asset more intelligent in terms of its awareness of its own operational state.
“Clarity simplifies how data is viewed and analyzed to track maintenance activities, monitor alerts and receive critical feedback on asset performance. Core features of the application include sensor data monitoring to aggregate and filters data related to the health, operations and performance of connected industrial assets to deliver real-time data, including mobile assets tracked via GPS,” said Perez.
The product also features notifications and alerts when operational anomalies are detected. It is mobile enabled and there are customization options to tune dashboards and event actions.