Falkonry, Inc., a provider of operational analytics for Global 2000 industrial companies, announced it has signed a memorandum of understanding (MoU) with Invasystems, a Texas-based industry solution provider that brings together data analytics and first principle (physics) based software solutions to better manage the value chain for clients.
Digital Oilfield applications leverage the capital investments in field data collection that oil and gas companies have already made. These investments include deploying more sensors, installing SCADA systems and storing the data in a historian.
As part of their agreement, Invasystems will adopt the Falkonry LRS machine learning system and empower well operation engineers to predict equipment and system failures. This is designed to help oil and gas operators reduce downtime and increase production by detecting patterns and conditions in existing operations data.