Artificial intelligence (AI) start-up Flutura says it will partner with the Jerry Allen Group (JAG Resources) to advance digitization of the oilpatch and accelerate its growth.
The partnership will focus on applying Flutura's flagship Cerebra Industrial Internet of Things (IIoT) platform to the oil and gas industry. Cerebra is designed to allow advanced diagnostic algorithms for equipment health episode detection and to provide original equipment manufacturers the ability to scale value added offerings across varied equipment classes.
Based in Houston, JAG Resources was formed by a group of retired energy leaders who chose to remain active within the sector mentoring start-up companies seeking help in bringing innovation, disruptive and transformative technologies to the energy sector.
“The next generation of competitive advantage in the energy marketplace will go to forward thinking players who invest a lot on digital IoT and artificial intelligence capabilities like Cerebra from Flutura," Archie W. Dunham, JAG chairman emeritus and former independent non-executive chairman of Chesapeake Energy in Oklahoma City and retired chairman of ConocoPhillips.
"For upstream, midstream, downstream and machinery manufacturers, the risk of digital inaction is greater than the risk of digital failure. IoT and AI are the future and it is coming.”
Flutura technology is currently used by customers such as Henkel, Stewart & Stevenson and Sodexo. The company, which has operations in Palo Alto, Houston, Tokyo and Bangalore, is backed by venture capital firms Vertex Ventures of Singapore, Lumis Partners of Connecticut and Silicon Valley's The Hive.
"Cerebra was envisioned and developed as a revolutionary AI-led IIoT platform. Leveraging the power of Cerebra in concert with the extensive and broad-based industrial experience of JAG, will create a strong and game changing solution to enable the inevitable digital transformations on the horizon for energy companies," Flutura CEO Krishnan Raman said.