Proserv, Ortomation sign MoU to drive software development of optimisation software
Agreement sees Proserv invest seed capital in new technology start-up venture to accelerate route to market for RTO solution.
Global controls technology leader Proserv has signed a Memorandum of Understanding (MoU) with UK based start-up company Ortomation. The tie-up is intended to facilitate the development and commercialisation of unique real-time optimisation (RTO) software.
The agreement is the latest development in Proserv’s ambitious technology roadmap which is focused on delivering impactful, disruptive monitoring and optimisation solutions, harnessing the power of data analytics, to bring gains right across the broad energy sector.
By targeting production and yield increases, as well as a reduction in energy consumption and other operating costs, effective RTO software can increase performance by up to 5%. As businesses align themselves towards the needs of the energy transition and a net zero future, RTO can offer tangible upside around improved operational efficiencies and reduced emissions footprints.
Proserv and Ortomation will collaborate on deploying the latter’s innovative and novel model free, self-learning “autonomous agent” technology, enabling a simple, scalable and transparent solution, fundamentally distinct from the status quo method of providing “Asset Optimisation”.
Traditional optimisation software tends to be “OEM closed” packages that are expensive, demand long lead-in times before implementation and are resource intensive. Deployed schemes also require high levels of ongoing maintenance, as an asset’s behaviour evolves and changes over time.
Ortomation’s approach greatly simplifies RTO implementation, overcoming the hurdles that have habitually hindered its widespread application. As a result, return on investment is accelerated and improved.
The technology to be harnessed by Proserv and Ortomation has already gone through proof of concept with a major energy company and the portfolio of possible applications continues to grow.
Stuart Harvey, Vice President, Digital Innovation, Proserv stated:
“We are delighted to sign this MoU with Ortomation. Nurturing technology partnerships and collaboration are part of our Proserv identity as we continually seek to solve industry’s biggest challenges, particularly ones where others have failed.
“We very much understand the benefits RTO can bring and we believe Ortomation’s innovative and disruptive technology strongly aligns with our methodology around offering independent, OEM agnostic, scalable and transparent solutions.”
Proserv will utilise its in-house software application expertise to assist Ortomation in taking its technology from its existing, current prototype to a marketable industrial RTO product with universal applicability.
Paul Oram, Chief Executive Officer of Ortomation added, “We are extremely excited to be working with Proserv and truly believe our partnership will deliver a game-changing technology for all across the process industry.”