INOVEC TECHNOLOGY – DIGITAL MANUFACTURING TRANSFORMATION FOR ALL
InovecTech is an innovative technology company scaling AI in manufacturing. The company delivers an AI consultant to every machine and warehouse, so that you have the best analysis at hand to run and improve your production. Any machine in the plant is observed with a camera with cutting edge computer vision processing. The collected data is structured into a single source of truth database. Interactive dashboards deliver actionable insights intuitive for users including operators, experts and management. The system can be used for delivering best-in-class operations diagnostics, monitoring production for digital transformations, new machinery ramp-ups, and as an alternative to MES systems for SMEs.
Easy Engineering: What are the main areas of activity of the company?
InovecTech: We are an end-to-end provider of AI solutions InOEE and InoWare, scalable digital twins for production and internal logistics. We develop and deliver edge devices, install them on the shop floor, setup our AI-driven system, and provide monitoring and maintenance. For some customers, we also provide additional consulting services and customisations. Our core competency is AI on the edge, which we have been developing since it became feasible in 2020 with prominent scientists, our own data scientists, software engineers, and pilot customers.
E.E: What is the news about new products?
InovecTech: We are finishing a large-scale pilot at one of our steel customers, at which we did an extensive testing of hardware robustness (with respect to dust, humidity, and temperatures) and system reliability and latency. The tests have proven promise of the technology and scalability, and we are discussing with our current customers new projects which can significantly reduce CO2 emissions. We have also started collaboration with EIT Manufacturing on spreading this innovation to other European heavy industrial warehouses.
E.E: What are the ranges of products?
InovecTech: We provide our customers from a wide range of industries 3 products, which are based on the same HW and AI platform: 1. Ai-driven manufacturing operations diagnostics, 2. InOEE – a digital performance management solution for discrete manufacturing, 3. InoWare – a digital twin for heavy industrial warehouses. Our diagnostics are based on our extensive experience and previous studies of machine effectiveness and our AI on the edge capabilities. InOEE is an edge-based data collection and BI (business intelligence) solution that can in long term installations fully replace MES (manufacturing execution system) for SME manufacturers. InoWare is our most mature solution that we plan on scaling up first.
E.E: At what stage is the market where you are currently active?
InovecTech: We focus on steel industrial warehouses. This market is very hungry, our solution is needed to reduce costs and it is essential to enable future full scale digitisation. One of our customers did an extensive testing of various technologies, including sensors on cranes, recognition cameras, RFIDs, etc and concluded that our computer vision tracking technology is the most suitable for this use case. Compared to other technologies, ours does not need any labels. It can achieve very high accuracy due to its ability to be checked by people, and can be very quickly implemented at almost no risk for the customers. In our technology, we have a strong competitive edge, as we are able to deliver all the elements at high RoI for customers.
E.E: What can you tell us about market trends?
InovecTech: IT OT convergence, understanding more productization is good for the customers, supply chain disruptions we have been facing due to covid, the chip crisis, the Russian war in Ukraine make more manufacturers revise their footprint and re-industrialize Europe. This increases the demand for “future-proofing” and need for support with digital transformation
E.E: What are the most innovative products marketed?
InovecTech: The most innovative products marketed – based on product vision – are our products. Computer vision is the future. Tesla focuses on cameras, the consider other sensors (lidar etc.) as liability. Camera recording can be easily validated by anyone, no expert is needed. Camera converts a HW problem into SW which is then easier scalable
E.E: What estimations do you have for 2023?
InovecTech: We plan to conclude the large-scale pilots with new orders from current customers and new customers. In 2023, we will grow our revenues 4-times year-on-year and EBIT 3 times, re-investing most capital into new projects to grow faster in 2024.
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