Yet another industry delves into the potential power of artificial intelligence.
BP has made a $20 million investment in the AI startup, Beyond Limits, with the oil and gas giant set to add the cutting edge technology to its exploration capabilities.
Launched in 2012, Beyond Limits is a leader in AI and cognitive computing and was created to commercialize cutting edge IP developed by the team after over 20 years of success supporting NASA and the space program.
With technologies proven in the unknown and extreme environment of space, Beyond Limits hopes to adapt and deliver AI software that tackles industrial and enterprise challenges on earth.
Oil and gas major BP, gave a huge boost to the AI startup’s Series B funding round, with the total amount totalling $25.5 million. The investment will accelerate the delivery of industrial-grade AI software, previously used in deep space exploration missions, to combine human knowledge with machine learning and provide the energy sector with new levels of operational insight, business optimization and process automation across all operations.
AJ Abdallat, CEO of Beyond Limits, said; “Our goal is to create automated solutions that can think like humans and augment human capability. We are the AI company that provides solutions for problems that cannot be solved using traditional approaches.
Meghan Sharp, managing director BP Ventures – Americas, will join the Beyond Limits board. Sharp said of the investment:
“BP Ventures is excited to help Beyond Limits grow into new verticals, as we bring forward the pioneering work they have developed with the space program to our industry and throughout our businesses. Our investment in Beyond Limits is an example of BP’s ongoing support of entrepreneurs and innovators not only inside the traditional world of oil and gas but those looking toward a new energy future.”
BP are not alone in exploring new options, as GE Oil & Gas have also shown interest in harnessing the capabilities of new technology, having announced a new Predictive Corrosion Management system at the end of last year. This functions using cloud-based analytics.