Israeli AI firm enters Aussie mining sector
As one of the world’s largest suppliers of natural resources, Australian mines employ close to 150 thousand workers and generate hundreds of billions of dollars worth of commodities the globe relies on. To make this supply of minerals and metals smoother, safer, and more efficient, Australia’s largest mining company has turned to the artificial intelligence solutions offered by Razor Labs to transform its mining machines into smart machines.
Founded in 2016, Israel-based Razor Labs has quickly carved out its niche, providing digitization and automation solutions to multi-national corporations with its advanced AI algorithms and deep learning technology.
As part of an offline pilot, Razor Labs implemented its flagship DataMind AI in the hopes to test its capabilities and ruggedness, which was supervised by one of the world’s largest mining companies involved in processing minerals, oil, and gas. As a result of surpassing the preset targets for accuracy and time efficiency, Razor Labs will receive a $1 million bonus for its achievement.
“We’re really pleased the pilot with one of the largest mining companies in the world concluded as a major success,” said Raz Roditti, co-founder and CEO of Razor Labs. “DataMind AI surpassed the customer’s expectations, and the bonus is a testament to that. This success is part of a strategic plan to distribute the company’s product on a greater scale across the mining industry in order to significantly streamline production of the world’s natural resources.”
For the mining sector, which has a central position in the overall manufacturing cycle through the supply of raw materials to nearly every other industry, even small improvements in yields, speed, and efficiency can make an exponential impact.
Therefore, most mining companies are always looking for ways to leverage data they have accumulated for years to transform it into actionable insights – becoming less pick-and-shovel and more driven by data analysis and AI.
“The product integrates with the existing machine sensors remotely, eliminating the need for investing in additional hardware,” said Michael Zolotov, co-founder and CTO of Razor Labs. “It uses state-of-the-art deep learning to predict malfunctions, identify root causes, as well as optimize mining processes, with an accuracy and understanding beyond human capabilities. The Neural Networks are able to scale-up even in cases of rare malfunctions and discrepant data.”
With the transition to clean, zero-emission operations, and many mining companies beginning to follow new ESG (environmental, social, governance) standards, the popularization of AI in the mining industry alone will only continue to grow, and Razor Labs could not have found a better time to implement its expertise