ReliaSol | X-Europe Startup Interview
Welcome to our X-Europe startup interview series. We have virtually sat down with a number of our founders from past cohorts to hear all about their solutions, vision for the future, and what made them tick during our X Europe programme. So whether you are a deep tech founder looking for startup support, an eagle-eyed investor, or simply interested in the possibilities that technology can bring to society, then we welcome you to take a read. Please meet ReliaSol, an AI-driven Platform for Predictive and Prescriptive Maintenance.
Can you briefly explain what your solution is all about? What’s unique about it?
We developed an AI-driven Platform for Predictive and Prescriptive Maintenance. There are quite a few unique selling points that make our company rise above the competition:
- No hardware required: Data retrieved from existing sensors through integration with PLC/DCS/SCADA or any other IT/OT system and processed in the cloud
- Speed of deployment: Plug&Play architecture, automated generation of analytic models, standardised deployment methodology, ensure short time to value
- Precision: High degree of certainty thanks to proprietary algorithms. Prediction Accuracy >96%. Delivers results when other systems are blind.
- Modularity: Modular platform designed for integration with existing systems in a transparent manner for the end-user
- Scalability: Drag & Drop scalability based on modular and hierarchical architecture makes adding new monitored assets or sites easy and cost-effective.
- Opex business model: Thanks to our platform key features, its deployment requires significantly fewer engineering hours minimizing upfront costs
What business sectors do you target? How does the technology make an impact? We target several sectors including Chemicals, Oil & Gas Downstream (Petrochemical), Energy (Power & Heat Generation: Fossil & Renewable), Metal & Mining, Food & Beverage, Cement, Pulp & Paper, and Manufacturing. Our platform helps our customers to achieve:
- 25-30% Reduction of Maintenance Costs
- 70-75% Elimination of breakdowns
- 35-45% Downtime reduction
- 20% extension of asset lifetime
- 20-25% Increase in Production Profitability
- 10x Return on Investment
- 20-25% Production increase
- 14% reduction of safety, health, environmental & quality risks
- 10-20% waste reduction
What’s the biggest milestone your startup has achieved so far, and what challenges are you still trying to overcome?
Milestones: complete roll-out of our solution with customers (so passing the PoC and Pilot stages) and achieving real (tangible) benefits for our customers, proofing and overdelivering on the business cases that were set.
Challenges: Further scaling up the business – taking the next steps to turn it into a profitable SaaS business
How has X-Europe helped you during the past few months?
Highlights have been the matchmaking with corporations (gave us the opportunity to have very valuable leads), as well as the matchmaking events with investors and the mentoring program.
After joining and benefiting from the services X-Europe has provided, what next steps do you envision?
We're using the feedback we received during the X-Europe mentoring sessions to further finetune our business model with our targeted industries and customers, as well as improving our messaging on the benefits our solutions delivers to our customers
What advice would you give to an entrepreneur trying to pave his/her way in the artificial intelligence / machine learning landscape?
Try to be open-minded and realistic at the same time. Don't expect too much. You have to understand the difference between theory and practice. Start from something easily achievable and once you get it slowly put your expectations higher and higher and never stop. Listen to your customers to avoid creating something which will satisfy only your ambition.
What’s unique about the X-Europe programme?
The full scope of (X-European and industry) matchmaking, mentoring, and training sessions that are offered allow our entire team to work with and learn from experts that are part of the programme. The 1-on-1 mentoring sessions were especially helpful as it allows to really go into specific opportunities and challenges that we face and get a constructive outside view.
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