Innogy Ventures and Shell Ventures have provided a USD 10 million financing to predictive digital twin pioneer Akselos.
The funding will be used to help increase the sustainability of critical assets in the energy sector by empowering predictive maintenance with structural analysis software, big data analytics and machine learning.
The technology simulates virtual replicas, or digital twins, of large mechanical assets, using data to create accurate living, learning and predictive twins, innogy said, emphasizing that it is the first of its kind to be compatible with Internet of Things and digital solutions such as sensors, big data analytics and machine learning.
"Akselos allows us to better monitor the integrity of our most complex assets – be it production vessels or wind turbines. With this technology, engineers can now run analysis almost at the speed of thought. When integrated with real life sensors on the assets, the technology creates a responsive system, enabling cost reduction and enhanced safety," said Peter van Giessel, Investment Director for Shell.
According to Akselos, the solution is 1,000 faster and more accurate than the industry standard when modeling large-scale assets and will offer operators real-time access to the condition of the asset from anywhere and at any time, as well as allow a move towards predictive maintenance.
“Akselos has a fantastic, highly skilled team with extraordinary market understanding. Their unrivalled expertise in simulation technology has led them to commercialise something that has overcome the limitations of the current industry solution," said Felix Krause, Investment Partner for innogy Ventures.
The Switzerland-based company is a spin-out from MIT, with whom it has an exclusive license enabling it to bring the digital technology to the market. The Swiss Federal Institute of Technology further developed the technology.