31 March 2020
Alyssa Cotrina, Beyond Limits Marketing Copywriter
When discussing AI investment with business leaders one of their biggest concerns centers around the uncertainty of exactly how to calculate their return on this growing area of technological investment – which then brings into question whether the practice is even worth doing in the first place. It’s time to reconsider what you think you know about AI and the bottom-line.
Why the hesitation?
Lack of direct historical experience with the technology (and subsequent comfort levels), among other factors, have made it challenging for some business leaders to generate a comprehensive method of calculating ROI for AI, planting apprehension in the minds of some businesses. A 2017 McKinsey report surveyed over 3,000 firms and found, “41 percent reported that one of the biggest barriers preventing them from further adoption of AI was the uncertain return on investment, while 26 percent reported a lack of relevant AI products on the market.”
Another survey by TechRepublic reinforced that from a slightly different angle, “Organizations recognize the value of AI/ML projects, however, they lack confidence in their team’s readiness for implementation and management of such projects.” While businesses do acknowledge the inevitable value of investing in AI for their projects, a mind-shift must take hold because inertia toward AI investment initiatives will come at a steep cost down the line. Predictably, rivals will capitalize on the potential of AI capabilities – whether or not you choose to take that step as well.
AI’s role in the future of technology
The next revolution for technology depends on the continued evolution of artificial intelligence, and it matters that we recognize AI as the future of tech. Businesses that don’t shift their tentative attitude toward investing in AI will be left in the dust as this disruptive technology continues to ramp-up and accelerate. All the truly innovative enterprises won’t hesitate to actualize this investment; they will be the ones left standing. They’ll be able to boost production efficiency thus increasing product margins and grow existing revenue as a consequence of the competencies provided by established and cutting-edge AI solutions. When that happens, how can late-in-the-game skeptics possibly compete within their respective marketplaces? At that stage, forget about even being a challenger, it’ll become less of a competition and more of a race to not be left behind.
How Beyond Limits Cognitive AI solutions maximize RAI within this era of progress
Beyond Limits is growing in authority throughout entire value chains in heavyweight industries like Energy, Power/Natural Resources, and Manufacturing for implementing a hybrid of conventional techniques with symbolic approaches to power Cognitive AI solutions that explain the reasoning behind their recommendations (XAI) via observable (and interactive) audit trails. This transparent artificial intelligence system builds trust, enabling numerous industries to confidently leverage solutions that solve their most complex problems.
For example, highlighted in a recent announcement, Beyond Limits has partnered with XCELL to build the world’s first power plant guided by Cognitive AI. Beyond Limits Founder & CEO, AJ Abdallat said, “Beyond Limits is committed to improving efficiencies across the energy value chain. If we can help a power plant operate more efficiently, a refinery more economically, or an exploration rig more accurately, it helps the environment and the economy – and the resulting revenue from AI quickly adds up to millions per year.”
Examples of Revenue from Artificial Intelligence:
+ An oil rig that operates more productively because Beyond Limits’ Cognitive AI for Field Management supports operators in staying ahead of maintenance and efficiency issues with expert guidance on every platform, significantly accelerates data integration and analysis that pinpoints drilling prospects and evaluates opportunity vs risk. Competencies at this scale could deliver a few thousand barrels more per day and expedite time-to-decisions, which could then yield an extra $30-40MM and $100MM per year, respectively.
+ Beyond Limits Cognitive AI for Refinery provides a comprehensive picture of what is happening in a facility from the big picture to the smallest detail, identifying trends and determining whether operations are headed in an undesirable direction. This solution is designed to decrease operational cost and increase refinery efficiency by up to 10%, improving overall margin performance.
+ A power plant guided by Beyond Limits Cognitive AI is designed to improve insights into the entire facility – maximizing efficiency and productivity, reducing CO2 emissions, saving fuel, and improving quality plus stabilization of raw materials supply. The enhanced ability to control cost, boost production, and provide support for operators with entire system monitoring can help them better manage production for peak efficiency, generate superior maintenance planning, and further extend long-term lifespans.
Moreover, a recent Forbes Technical Council Article by Beyond Limits Founder & CEO Founder AJ Abdallat, called-out numerous additional industry examples of how AI solutions have more than proven their value as well.
It’s time to reconsider what you think you know about AI and the bottom-line. Pioneering solutions, like Beyond Limits’ Cognitive AI, are already etching a path of proof that artificial intelligence investments can (and do) move beyond the point of just discussing ROI, into the realm of revenue from AI (RAI). You’ll never experience RAI unless you take that first plunge into the transformative business-driver known as artificial intelligence.
03 March 2020
Beyond Limits honored for achievements in groundbreaking Cognitive AI solutions revolutionizing heavy industries
CB Insights today named Beyond Limits to the fourth annual AI 100 ranking, showcasing the 100 most promising private artificial intelligence companies in the world.
“It’s been remarkable to see the success of the companies named to the Artificial Intelligence 100 over the last four years. The 2019 AI 100 saw 48 companies go on to raise $4.9B of additional financing and nine got acquired,” said CB Insights CEO Anand Sanwal. “It has been gratifying to see that CB Insights’ data-driven approach to identifying the top AI companies using patents, customer traction, investor quality, market sizing and more has become so effective at picking the AI winners of tomorrow. We look forward to seeing what the 2020 AI 100 companies will accomplish over the course of this year and beyond.”
In addition to disrupting core sectors including healthcare, retail, and finance, the 2020 AI 100 companies are revamping the broader enterprise tech stack. These companies span the globe, from the US, UK, China, Chile, and South Africa, and are supported by more than 600 investors.
“Beyond Limits is very excited to be acknowledged by CB Insights,” said Beyond Limits CEO AJ Abdallat. “It is especially meaningful to us that the recognition has come at this point in our growth; 2020 is going to be big year for Beyond Limits as we make significant strides toward global expansion to serve the energy industry and a variety of other sectors. We believe Beyond Limits’ innovative and unique AI technologies are going to be a key component in reimagining and modernizing the energy industry – through advanced digitization we can create more intelligent, more efficient operations for a lower carbon future.”
Through an evidence-based approach, the CB Insights research team selected the AI 100 from nearly 5,000 companies based on several factors including patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
Beyond Limits serves industrial customers with Cognitive AI systems designed to apply human-like expertise and reasoning to solve complex problems and provide cognitive and analytical horsepower that accelerates executive and operator decision-making. For example, in the energy sector, Beyond Limits is deploying new products for refinery optimization, managing upstream wells, assisting petroleum engineers in formulating lubricants products, and advising reservoir engineers on optimized well locations and in-fill well production rate prediction.
Beyond Limits’ systems utilize a hybrid approach that combines conventional machine learning and deep learning approaches with knowledge-based reasoning. The company has developed powerful Cognitive AI engines that leverage encoded expert knowledge and experience to provide clear, understandable solutions to important challenges facing heavy industries today. Unlike most “black box” AI techniques, Beyond Limits has pioneered “glass box” Explainable AI that yields recommendations that can be understood by people and interpreted by machines.
Quick facts on the 2020 AI 100:
- As of the end of February 2020, these 100 emerging private companies have raised over $7.4B in funding across 300+ deals from 600+ unique investors.
- There are 10 unicorns (companies valued over $1B) in this year’s AI 100 cohort.
- The list spans across various industries, including healthcare, retail & warehouse, and finance & insurance.
- 13 countries, such as China, Sweden, and Japan, are represented on the ranking. The majority of startups (65%) are based in the United States.
The AI 100 Companies:
About CB Insights
CB Insights helps the world’s leading companies accelerate their digital strategy and transformation efforts with data, not opinion. Our Emerging Tech Insights Platform provides companies with actionable insights and tools to discover and manage their response to emerging technology and startups. To learn more, please visit www.cbinsights.com.
About Beyond Limits
Beyond Limits is a pioneering Artificial Intelligence engineering company creating advanced software systems that go beyond conventional AI. Founded in 2014, Beyond Limits is helping companies solve tough, complex, mission-critical problems and transform their business. The company applies a unique hybrid approach to AI, combining numeric AI techniques like machine learning with knowledge-based reasoning to produce actionable intelligence. The end result is faster, better decisions that reduce risk, decrease waste, and increase efficiency. For more information, please visit www.beyond.ai.
1-888-317-4687 ext. 702
Efficiency of power generation from natural gas through cognitive artificial intelligence first of its kind to drive development in West Africa
25 July 2019
Author: Beyond Limits
GLENDALE, Calif., July 24, 2019 /PRNewswire/ — Beyond Limits, an artificial intelligence software engineering company, has been awarded a $25MM contract initial order with follow on orders by Xcell Security House and Finance S.A (Xcell), the Swiss-based global financial and minerals development company, to build the world’s first cognitive power plant. With technology originated for NASA space missions, Beyond Limits is a pioneer in advanced cognitive AI solutions for heavy industry installations. The contract covers development of the Beyond Limits Cognitive Power Generation Advisor. The first cognitive power plant will be installed as part of a large-scale infrastructure program to drive core industrial capacity and power economic development in West Africa.
Beyond Limits CEO, AJ Abdallat states that Beyond Limits is committed to improving efficiencies across the energy value chain. “If we can help a power plant operate more efficiently, a refinery more economically, or an exploration rig more accurately, it helps the environment and the economy. And the resulting revenue from AI quickly adds up to millions per year.”
This will be the first implementation of a cognitive AI power plant built from the ground up that embeds intelligence and awareness into all of its operations. This will provide operators with facility-scale insight, making the plant safer, maximizing its efficiency and productivity, and making it more environmentally friendly.
“One of the keys to power operations is handling variations in supply and demand,” says Lynnwood Farr, CEO of Xcell. “We feel that Beyond Limits artificial intelligence in the Xcell cognitive power plant will give us the upper hand to control costs and maintain efficient, dependable power generation for our customers.”
Improving Efficiency with Explainable AI
The efficiency of power generation from natural gas can be affected by environmental conditions such as temperature and humidity. Human operators can make adjustments to improve efficiency, but their effectiveness is experienced-based. Expert level human knowledge can be encoded into the Beyond Limits knowledge base to validate recommendations generated by Beyond Limits cognitive reasoners.
With most power plants, power is generated as needed. Since there is currently no viable capacity for large-scale electric storage, excess production results in wasted natural gas. Conversely, under-production represents lost revenue. Changing from low production to higher production takes time due to ramp up time of expensive turbines. Likewise, reducing the power generation adds additional strain. The cognitive AI system is designed to monitor powerful gas turbines and the entire system to help operators manage production for peak efficiency, maintenance planning, and longer-term lifespan.
Beyond Limits has developed advanced AI systems to monitor and help control large-scale industrial plants that produce millions of units of product worth tens of millions of dollars per day. Manufacturing operations, such as a power plant or refinery, encompass hundreds of people and acres of equipment working 24 hours per day 365 days per year. Maintaining coordination across tightly interconnected production units, even under the best conditions, is not trivial. In novel, never-seen-before conditions, it’s an extraordinary challenge. Now, process engineers can solve problems faster with the assistance of cognitive process manufacturing advisors from Beyond Limits. These AI advisors have acute situational awareness to sense, anticipate, and resolve problems even under constantly changing conditions. All Beyond Limits cognitive AI systems explain their reasoning and recommendations to human operators in clear, evidence-rich audit trails (also known as XAI).
Xcell Security House and Finance S.A (Xcell) is a Swiss company in the form of a «Societe Anonyme » S.A. The purpose of Xcell is to offer financial commercial advice, including but not limited to: Precious Metals and Precious Stones Trade, Monetization of Assets for their Clients, Business Planning Financial Advice, Forex, Safekeeping of Assets, and other related services. Xcell operates within the norms of Financial Regulations of Switzerland. In recent years, Xcell Finance have become active in Western Africa for Power Generation, Mining, Infrastructure Projects, and Special Artisanal Gold Mining Programs with Government Central Banks and the United Nations. Xcell holds its own Swiss Precious Metal Hallmark.
For more information, visit https://www.xcellfinance.com
ABOUT BEYOND LIMITS
Beyond Limits is a full-stack Artificial Intelligence engineering company creating advanced software solutions that go beyond conventional AI. Founded in 2014, Beyond Limits is transforming proven technologies from Caltech and NASA’s Jet Propulsion Laboratory into advanced AI solutions, hardened to industrial strength, and put to work for forward-looking companies on earth. Beyond Limits leverages this unparalleled innovation portfolio, along with proprietary cognitive technologies, to help companies solve tough, complex, mission-critical problems and transform their business. We apply a unique hybrid approach to AI, combining numeric AI techniques like machine learning with higher order symbolic AI and expert human knowledge to deliver intuitive cognitive reasoning and information. The result is faster, better decisions that reduce risk and increase revenue. For more information, please visit www.beyond.ai.
(888) 317-4687, ext. 702
SOURCE Beyond Limits