Sumitomo Corporation invest in Brisbane based company that specialise in the Predictive Maintenance Analytics for Mining Equipment.
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) has acquired a stake in Relialytics (Head Office: Brisbane, Australia; Founders: Richard Marshall and Gerard Wood), a company developing an AI-based predictive maintenancenote software package for mining equipment.
Mine development costs generally increase due to declining grades and increasingly complicated excavation processes over years of mining. Proactive failure detection and proper maintenance of numerous pieces of mining equipment being operated at mines has a significant impact on development cost reduction, production increase, and increased life of machinery parts. Despite ongoing automation and optimization of mining operations in recent years, maintenance of mining equipment remains dependent on the intuition and experience of skilled workers. There are needs for visualization and optimization of the maintenance process using data and AI.
Relialytics provides a service analyzing data obtained from lubricant oil using AI and detecting equipment malfunction or signs of failure to propose the optimal maintenance regime. The service can deal with all types of mining equipment, detect signs of failure, and propose specific measures that can be taken on the front line. Currently, Relialytics is developing software for the service to sell a system that employees at mine sites can operate. In the future, Relialytics system will become more sophisticated by analyzing not just lubricant but temperature, vibration and other data that indicates the health of mining equipment, there-by improving operations and maintenance outcomes for frontline staff.
Taking advantage of the network of the Sumitomo Corporation Group, Sumitomo Corporation and Relialytics will launch Relialytics’ AI/IoT services to contribute to reducing maintenance costs and improve the availability of mining equipment. Through investment in Relialytics, Sumitomo Corporation aims to build a next-generation new business using AI and improve the operations of the existing mines it owns. By further expanding services in areas surrounding mines, Sumitomo Corporation will contribute to social infrastructure improvement and economic development.
(Note) Predictive maintenance:
An effective and efficient maintenance method that constantly monitors equipment conditions and detects signs of failure to allow measures to be taken in a timely manner.
Original Source: https://www.sumitomocorp.com/en/jp/news/release/2019/group/12780