Veo Robotics dubbed a tech pioneer by World Economic Forum
Considering technological innovation to be of critical importance to the welfare of society and the global economy, the WEF annually celebrates the companies it considers to be exemplars - called ‘Technology Pioneers’.
The short-list of winners are all nascent or developing enterprises which have the capacity to make a significant contribution to business and society generally.
Consequently, Veo Robotics’ CEO and co-founder Patrick Sobalvarro will be invited to participate in WEF events and discussions throughout the year. The company will also have the opportunity to inform the WEF’s policy and global agenda on important issues.
"We're excited to welcome Veo Robotics to our 20th cohort of Technology Pioneers," said Susan Nesbitt, Head of the Global Innovators community at the WEF.
"Veo Robotics and its fellow pioneers are developing cutting edge technologies all over the world. Beyond their innovations, these firms are contributing greatly to improving the state of the world."
Founded in 2016, Veo Robotics’ revolutionary approach utilises advanced computer vision and 3D sensing capabilities to create a unique new method for manufacturing.
Currently partnered with four robotics and automation companies - FANUC, Yaskawa, ABB, and Kuka - Veo has so far managed to raise USD$28mn in venture capital funding. Other investors include Google Ventures, Siemens Next47 and the SBI AI & Blockchain Fund.
Capable of sensing and responding proactively to their environment, the company’s machines can operate in dynamic areas containing many people in safety. They are also flexibly collaborative, enabling a more fluid production process.
Commenting on the company’s recognition by the WEF, Sobalvarro stated, “We're proud to be recognised as the WEF Technology Pioneer in 2020.
"With our technology, we aim to improve productivity, safety, and working conditions in factory environments through dynamic human-machine collaboration.
“The need for flexible automation in manufacturing is more important than ever in light of the COVID-19 pandemic. We look forward to contributing our expertise and perspective to The World Economic Forum dialogues on the inevitable transformation of the industry."
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.