Mtell continues building momentum as a leader in machine learning technology by winning the Castrol 20/20 innoVentures Pitch Competition held at The Standard in New York City on June 6, 2013.

The Pitch Competition took place during Castrol 20/20 innoVentures Insight Workshop, “Disruption is the New Norm: Staying Relevant in an Age of Rapid Disruption and Lower Barriers to Entry.” The goal of the competition is to recognize promising global start-ups, and to identify potential partnerships and investment opportunities with Castrol 20/20 innoVentures.

The competition included four finalists that were invited to pitch their offerings in front of both judges and audience members, followed by a brief Q&A session, and concluding with private questions from the five-judge panel. The judges, who included Executive members from Castrol, Loeb & Loeb and Braemar Energy Ventures, scored each company against six criteria, and the audience was given the opportunity to participate by distributing $10,000 in pretend “Castrol Dollars” to their favorite company. Each member of the audience was allowed to divide the Castrol Dollars between all four companies in any increments they desired, which determined the People’s Choice winner by most currency received.

Mtell was determined the overall winner for the Pitch Competition and People’s Choice, making this the first time a company has won in both categories. The prize for the competition included $10,000 in cash, as well as $10,000 in services from the event sponsor, Loeb & Loeb. The People’s Choice prize included a bottle of premier champagne.

Paul Rahilly, Chief Executive Officer of Mtell, commented, “It is truly an honor to be recognized by Castrol and the participating audience members for this award. Through the the power of machine learning, Mtell’s asset health management software solution makes machines smart, which aligns with Castrol’s future business initiatives.”

Castrol, the global leader in industrial lubricants and lubrication applications, and Mtell, the pioneer of machine learning applications for industrial equipment, are now exploring future opportunities.

About Castol 20/20 innoVentues

The Castrol innoVentures group was created as a separate unit by BP-owned Castrol Lubricants to focus on step-out innovation and new business development beyond lubricants. Their objective is to develop material businesses beyond today’s lubricants products. The group makes strategic investments in technology start-ups in a number of sectors including: next generation auto engineering; smart mobility; sustainable solutions and in technologies that help it’s industrial and marine customers improve efficiencies. They also run a broader program of open innovation, exemplified by the Castrol 20/20 challenge events in London and Shanghai in 2012.

About Mtell

Founded in 2006, Mtell is a privately held company providing software solutions for managing the health of industrial equipment. Making machines smart, Mtell plays an important role in developing the Industrial Internet. In addition to reducing risk to people safety, and the environment, Mtell is a significant contributor to equipment performance and profitability. Solutions are deployed globally in the oil and gas, mining, pharmaceutical, and wastewater industries. For more information, visit us online at http://www.mtell.com.

Upcoming Events

August 9 - August 11 2022

MaximoWorld 2022

View all Events
banner
80% of Reliabilityweb.com newsletter subscribers report finding something used to improve their jobs on a regular basis.
Subscribers get exclusive content. Just released...MRO Best Practices Special Report - a $399 value!
DOWNLOAD NOW
Conducting Asset Criticality Assessment for Better Maintenance Strategy and Techniques

Conducting an asset criticality assessment (ACA) is the first step in maintaining the assets properly. This article addresses the best maintenance strategy for assets by using ACA techniques.

Harmonizing PMs

Maintenance reliability is, of course, an essential part of any successful business that wants to remain successful. It includes the three PMs: predictive, preventive and proactive maintenance.

How an Edge IoT Platform Increases Efficiency, Availability and Productivity

Within four years, more than 30 per cent of businesses and organizations will include edge computing in their cloud deployments to address bandwidth bottlenecks, reduce latency, and process data for decision support in real-time.

MaximoWorld 2022

The world's largest conference for IBM Maximo users, IBM Executives, IBM Maximo Partners and Services with Uptime Elements Reliability Framework and Asset Management System is being held Aug 8-11, 2022

6 Signs Your Maintenance Team Needs to Improve Its Safety Culture

When it comes to people and safety in industrial plants, maintenance teams are the ones who are most often in the line of fire and at risk for injury or death.

Making Asset Management Decisions: Caught Between the Push and the Pull

Most senior executives spend years climbing through the operational ranks. In the operational ranks, many transactional decisions are required each day.

Assume the Decision Maker Is Not Stupid to Make Your Communication More Powerful

Many make allowances for decision makers, saying some are “faking it until they make it.” However, this is the wrong default position to take when communicating with decision makers.

Ultrasound for Condition Monitoring and Acoustic Lubrication for Condition-Based Maintenance

With all the hype about acoustic lubrication instruments, you would think these instruments, once turned on, would do the job for you. Far from it!

Maintenance Costs as a Percent of Asset Replacement Value: A Useful Measure?

Someone recently asked for a benchmark for maintenance costs (MC) as a percent of asset replacement value (ARV) for chemical plants, or MC/ARV%.