May 4, 2021

Aveva and Maire Tecnimont Group target predictive services

Projectmanagement
DigitalConstruction
industrial
Dominic Ellis
3 min
Aveva and Maire Tecnimont Group sign MoU to drive industrial digital transformation and develop new predictive services

Aveva and Maire Tecnimont Group have signed an MoU to drive industrial digital transformation and create new predictive and prescriptive maintenance services.

The partnership will extend usage of Aveva's Asset Performance Management (APM) solutions across the Maire Tecnimont Group globally, enhancing plant operability and lowering maintenance costs. 

It is envisaged this will deliver increased information availability, empowering better decision-making and improving performance. As part of the agreement, the two companies will work together over a year on a defined number of customer projects to promote the application of predictive maintenance technology for critical plant assets.

"Digital transformation is one of the technology drivers most needed to give our industry a much-needed boost. This MoU with AVEVA aligns seamlessly with Maire Tecnimont's strategy for digital transformation: it complements our value proposition which focuses on NextPlant, our new digital services and solutions portfolio that has been designed to fully meet customer's needs, while simultaneously improving our operational model through the creation of digital enablers," said Pierroberto Folgiero, CEO, Maire Tecnimont Group, which announced group revenues of €625.7 million, down 11.4%, in recent Q1 results.

Aveva's Asset Performance Management suite is well positioned to advance industrial operations of the future, added Kim Custeau, Vice President, Asset Performance Management. "By enabling companies to predict failures before they occur, we are helping to reduce unplanned downtime as well as drive efficiency and safety throughout plant operations. We are excited about the partnership with Maire Tecnimont and look forward to supporting our joint customers in overcoming today's industrial challenges by leveraging human experience with artificial intelligence," she said. 

As companies turn to AI across every operational task and process, then inference, prediction, guidance and adaptation to dynamic conditions become imperatives, she added, in a recent statement highlighting the importance of the connected worker. "Aveva is already infusing AI into every aspect of our portfolio,” she added, “These capabilities combine to create a holistic ‘digital twin’ – which maps comprehensive physical and behavioral attributes of assets – to simulate, evaluate, predict and prescribe.”

The company is working with Chemicals Business, SCG, one of the largest petrochemical companies in Thailand and a key industry player in Asia, to develop a Digital Reliability Platform (DRP), a complete asset performance management (APM) solution to predict equipment health, monitor performance, and enable advanced maintenance across its operations to eliminate unplanned downtime.

McKinsey identified four levers which can help businesses capture digital value and overcome industrial challenges.

The use of data analytics to increase asset reliability is often heralded as a major digital opportunity, but so far, the approach has fallen short of expectations, except where large fleets of similar assets are present, like rolling stock in mining, it notes.

"Most industrial operations tend to lack the quantities of data needed to apply these predictive-maintenance techniques: big assets do not yield enough failures and small assets are more cost-effectively served by a redundancy strategy. Our experience suggests that, while digitization can deliver significant value in maintenance and reliability activities, doing so requires companies to adopt other levers in addition to analytics." 

McKinsey graphic

 

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Jun 14, 2021

XYZ Reality receives £20m to develop Assisted Reality

AugmentedReality
construction
DigitalTransformation
Technology
Dominic Ellis
3 min
XYZ Reality to use funding led by Octopus Ventures to springboard into USA and automatically report issues through Assisted Reality

XYZ Reality has announced a £20m investment round led by Octopus Ventures.

Founded in 2017, XYZ Reality aims to "revolutionise" the construction sector with its Engineering-Grade Augmented Reality (AR) solution, Holosite.

Designed to enable an on time and on budget delivery of construction projects, by eliminating building errors, HoloSite has been available to select customers through an early access programme and has already been used on projects totalling a value of over £1.5bn in the last year. 

With approximately 98% of construction megaprojects facing cost overruns or delays and 7-11% of project costs being spent on correcting errors, XYZ Reality’s purpose-built integrated AR solution directly addresses these issues.

With its safety certified AR hardhat, cloud platform and in-built proprietary software, Holosite accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time. The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.     

This funding will be used to accelerate the company’s ambition of transforming projects by preparing for HoloSite’s commercial launch in the USA and continuing investment in strengthening research and development. The company is also growing its London team to include key hires across technology, manufacturing, sales and marketing.

David Mitchell, Founder and CEO of XYZ Reality, said developing its engineering-Grade AR solution helping construction teams identify errors in real-time is just the start.

"The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history.”

The latest round of funding is led by Octopus Ventures, one of the largest and most active venture investors in Europe, known for its commitment of investing in companies and founders that are changing the world. Octopus Ventures has a strong track record, spanning investment in health, fintech, consumer, B2B software, and deep tech. This includes WaveOptics, one of Octopus Ventures’ early investments in Augmented Reality, which was recently acquired by Snap Inc. 

Rebecca Hunt, early-stage investor at Octopus Ventures, said: "We’ve always invested in entrepreneurs leading industry change and XYZ is doing just that. It's solving a massive problem that costs the construction industry billions every year, using its Engineering-Grade Augmented Reality solution to spearhead a shift in the sector’s approach. The founding team of David, Umar and Murray have deep domain and technical expertise, which we believe makes XYZ uniquely placed to drive this transformation.”

XYZ Reality also announces a new partnership with Mace, for the construction of a hyper-scale data centre in Europe. With speed to market being particularly essential for mission critical builds, HoloSite’s AR technology will have a significant role in supporting an accurate and time effective build for Mace, which last week appointed Jon McElroy its new Managing Director for International Technology.  

Mace Technical Director, Stephen Henley, said: “Mace has built a reputation of redefining the boundaries of ambition, always bringing efficiency, innovation and responsibility to our projects. With the implementation of XYZ’s groundbreaking AR system, we continue to be committed to delivering projects faster, safer and better than ever before.” 

Five years ago, Heather Bellini of Goldman Sachs Research expected virtual and augmented reality to become an $80 billion market by 2025.

But according to new research by global tech market advisory firm ABI Research, nearly 28 million augmented and mixed reality smart glasses will ship in 2026, while the total global AR/MR market will surpass $175 billion in the same year.

"Major tech players across hardware, software, and services look familiar in the consumer space, contributing to strong and consistent overall growth," says Eric Abbruzzese, Research Director for ABI Research. "Those big tech names, with active investment and product ranging from already available, to announced, to all-but-announced, are creating a consumer AR market that will be dynamic and welcoming rather than struggling and immature."

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