Companies from around the globe were invited to participate at the inaugural ABB Electrification Virtual Startup Challenge which has provided three winning companies with a boost to their startup journey.
The ABB Electrification Virtual Startup Challenge is a series of dedicated startup events intended to accelerate the expansion of ABB’s digital offering and create added value solutions by leveraging disruptive technologies to improve operational efficiency, automation and energy management for customers.
Fourteen companies from Europe, USA, Canada, Israel and India participated in the challenge.
Leading startups, Mavenoid a computer software company from Sweden, which looks at technical support automation; Fsight from Israel, which looks at solutions to optimize the grid from the bottom up; and Viking Analytics which empowers experts in asset-heavy companies with analytics, were selected as the winners. All showcased three AI and data-driven solutions to a judging panel of experts from ABB Electrification, Microsoft and SynerLeap, ABB’s global innovation growth hub.
The three winning startups will each receive $30,000 investment to work in close collaboration with ABB Electrification R&D teams across the Smart Buildings, Smart Power and Distribution Solutions divisions. The ambition is to support the awarded companies to convert their prototypes into viable products within six months.
“To deliver progress we must all work together and find new ways to trailblaze and balance the current and future needs of society, the environment and the economy,” said Anton Kotov Chief Strategy Officer and Chief Digital Officer, Electrification Business Area.
“As a global leader with over 130 years in industry we have a responsibility to make the journey of innovation possible. We can introduce startups to the right people and open doors for them through our network. We can get people talking to one another, and drive progress for our customers.”
Under the Virtual Startup Challenge 2020, the shortlisted startups were invited to compete in a ten-day challenge. They were given a brief to focus on using digital technologies to meet future needs of society through the creation of safer, smarter and more sustainable solutions.
The winning solutions will be further developed through collaboration with ABB Electrification divisions providing expertise and best practices with support from SynerLeap. Should the winning solutions offer value to ABB customers, then the startups will also have the opportunity to take their product to market via ABB Ability MarketplaceTM.
Peter Löfgren, head of SynerLeap, explains: “This year’s competition has welcomed a host of talented startups from around the world with a passion for enabling change. The ideas we have seen will truly make a difference and impact lives, society and industry to deliver safe and sustainable progress.”
Mavenoid, which was founded in 2017, delivered an AI-based solution for frictionless customer support and seamless troubleshooting in the smart building of the future. It aims to empower customers with intuitive remote support and collaboration to create a self-service community and encourage repair over replace.
Isreali-based startup, Fsight, was chosen by the judging panel for its unique Microsoft Azure-based platform and using AI to forecast energy consumption and production in one single solution. Unlike any other seen on the market to date, it integrates a wide range of data sources, including renewables, and offers a complete set of solutions under the energy management umbrella. The company also received an additional award for a 6-month membership to SynerLeap.
Viking Analytics took digitalization into the heart of its solution to identify faults at component level and atypical events in the grid. The judges were impressed by the company’s analytical approach to recognize operational failures, their hard-work and dedication to demonstrate what they can do best to improve energy management and efficiency.
“Our work with startups truly inspires our organization. We are committed to shaping future trends in electrification by imagining the solutions that transform new ideas into real value for communities around the world” concludes Kotov.
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 110,000 talented employees in over 100 countries. www.abb.com
ABB’s Electrification Business Area is a global leader in electrical products and solutions, operating in more than 100 countries, with over 200 manufacturing sites. Our 50,000+ employees are dedicated to delivering safe, smart and sustainable electrification. With ABB AbilityTM enabled digital solutions at its core, our portfolio protects, connects and optimizes the flow of electrical energy for smarter electricity distributionfor utilities, industry, buildings, infrastructure and mobility. For more information visit https://go.abb/electrification
SynerLeap is ABB’s global innovation growth hub. Our goal is to help startups to accelerate and expand in a global market together with ABB. SynerLeap opens up for investments and offers to the members mentorship as well as a unique access to ABB’s networks, customers and technology in automation, robotics and energy. Today, more than 90 companies have joined SynerLeap including Graphmatech and MTEK from Sweden, Everactive from USA and NumoCity from India. The growth hub started with a focus on Sweden, expanded to the Nordic countries and is now also open to companies from all over the world. www.synerleap.com