Axora Announces Winner of Global Cost-Saving Technology Challenge
Minerva Intelligence’s AI-Powered Solution to Reduce Mining Drilling Costs
London, Wednesday 12th October 2021 – Axora, the digital solutions marketplace for industrial innovators, has announced the winner of its global Cost-Saving Technology Challenge. The competition was launched in May to discover new digital solutions for the metals and mining (M&M) and energy, oil and gas (O&G) industries, which would deliver rapid benefits including full payback within twelve months. Minerva Intelligence based in Vancouver, Canada, fought off competitors with its AI-powered platform, DRIVER, which analyses multi-element data to simulate the 3D distribution and overlap of all the elements in a drilling dataset, where typically millions to tens of millions is spent on drilling.
“It was an extremely close competition, but the judges unanimously agreed to award Minerva Intelligence’s DRIVER the first prize because its business case was so compelling,” said Dr. Nick Mayhew, Chief Commercial Officer, Axora. “Minerva was able to demonstrate how its platform could save upwards of $75,000 per drillhole that you don’t drill, typically saving many times the cost of the solution, providing a hard cash saving together with time-to-completion advantages and a relatively simple deployment model.”
“We’re delighted to win Axora’s Cost Saving Technology Challenge. Using DRIVER allows exploration and mining teams to make data-driven targeting decisions rapidly, saving them both time and money,” said Samuel Cantor, Section Head, Economic Geology, Minerva Intelligence. “We look forward to helping more companies improve the way they carry out mineral exploration in the future.”
The other six highly commended finalists who all met the criteria of providing payback and ROI within twelve months were:
FYLD - A field worker productivity and safety platform (M&M and O&G)
GOARC - A digital Permit to Work solution, which reduces costs associated with paperwork and manual error in authorising planned work procedures (M&M and O&G)
Hardhat - An integrated SaaS platform to manage safety, projects, stakeholders, and operations (M&M and O&G)
Razor Labs - An AI platform for multiple use cases including providing predictive maintenance to reduce unplanned downtime (M&M)
Senseye - An insurance-backed ROI predictive maintenance solution (M&M and O&G)
Tyrion - A secure industrial IoT solution for integrating multiple data sets (M&M and O&G)
“The aim of Axora’s Cost Saving Technology Challenge was to help firms impacted by recent budget cuts due to a variety of factors, including the global pandemic, slump in demand and price wars. Axora is committed to helping industrial companies become more efficient, more sustainable and safer, and digital solutions like Minerva Intelligence’s DRIVER can help deliver rapid benefits at a time when they are needed most,” added Dr. Nick Mayhew, Chief Commercial Officer, Axora.
The judging panel included experts from the Boston Consulting Group’s Digital Ventures and other key companies and organisations across the technology, energy, oil and gas, and mining and metals sectors. Minerva’s winning cost-saving solution will be onboarded onto the Axora marketplace and its digital marketing programme, which drives demand for solutions like this one, with mining companies all over the world.
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Axora is the digital solutions marketplace for industrial innovators. We make it simple for industrial companies to discover, buy and sell digital innovations, driving safety, sustainability and efficiency across their entire operations. Beyond our marketplace, we inspire change through our community of industrials, technology companies, industry experts, universities and professional services with the latest digital innovation reports, insights and curated events. www.axora.com
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary technology is empowering organisations to make defensible decisions in the face of climate change.
Although Minerva’s applications focus on the search for critical metals and the assessment of physical climate risk, their technology has application in diverse industries and domains.
Minerva’s common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For further details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.