An annual downtime of 27 days can cost an offshore oil operation $88M! Lapses in asset reliability result in downtimes, and these downtimes result in companies investing in back-up equipment to ensure uptime. Consequently, they multiply their operations’ carbon footprint. This had led the globally sustainability technology market, already valued at$11B, on a path to cross $36B by 2025. In addition to this, heavy industrial machinery’s reliability management in operations is an exacerbating problem growing at >10% Y-o-Y and is expected to cross $24B by 2025.
At Eugenie, we’ve built two products called Ray-Finn and Papillon, which ingest high-velocity, multi-variate data from machine-plugged sensors and SCADA system to predict machinery failures to enable proactive preventive maintenance using patented algorithms, deep technology, AI, and unsupervised ML. The improved reliability management afforded by this reduces dependency on backup systems, helping reduce the carbon footprint contribution of these systems, thus making the overall industrial operations more sustainable.
Eugenie’s team comprises global talent holding PhDs and post-graduate degrees from the top academic institutes in India and globally. We’re funded by Fractal Analytics and our vision is validated by the fact that we’ve worked with organizations ranging from the world’s 2nd largest oil major, to a unit of the Indian defense forces.
The problem we’re addressing is a pressing concern of decision-makers globally; On Earth Day 2021, U.S. President Joe Biden announced that the U.S. will cut greenhouse gas emissions at least 50% by 2030. Following this, British Prime Minister Boris Johnson announced that the U.K. would cut emissions 78% by 2035. In addition to this, the E.U. pledged to cut emissions 55% by 2030, and finally, Brazil's President Jair Bolsonaro preponed Brazil’s deadline for carbon-neutrality from 2060 to 2050.
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