Veerum’s Industrial Internet of Things (IIoT) technology solutions eradicate the challenge of rework and optimize capital projects in the global energy sector. Industrial capital projects face a persistent challenge that affects productivity, cost, schedule and safety: rework. Veerum uses a Digital Twin and Model of Truth™ analytics engine to identify mismatches throughout a project’s lifecycle, including design, fabrication, logistics and construction.
Veerum’s Digital Twin technology brings the site to the office and limits exposure to complex, unsafe and expensive field conditions. The results to date include up to 50 per cent reductions in project cost and schedule.
- $2.4M in grants, equity and project financing in 2016
- Active project with a multi-national hydro equipment and services provider: digitization of a hydro-electric dam, including tracking maintenance equipment
- Active project with a major oil and gas company: digitizing a modular yard every 24 hours to track construction progress
“ We found solid value in commercialization support from Kinetica Ventures. Our mentors helped us find gaps, proactively worked to fill them, connected us to the right support services and even referred us to investors and government when we needed it. While everyone says they do it, Kinetica actually did it.”
- Amit Varma, Co-founder, VEERUM