Austin, TX, July 06, 2022 (GLOBE NEWSWIRE) -- Parasanti Inc. announced today they have been selected to participate in the Chevron Technology Ventures (CTV) Catalyst Program, an initiative to support early-stage companies providing technology solutions to the global energy industry. By meeting Catalyst Program milestones, Parasanti will have the potential to further develop their software solution designed to bring advanced data analytics to the extreme edge of remote energy operating environments. The solution allows for the deployment of AI and ML algorithms and data analytics in bandwidth constrained and no bandwidth operating environments, such as upstream and midstream oil & gas operations, utility substations, and remote wind and solar farms.
The CTV Catalyst Program was introduced in 2017 to accelerate the maturation of early-stage companies that demonstrate technology beneficial to the energy industry. Members of the Parasanti and CTV team will work together to set milestones for the startup. The collaborative program gives Parasanti the platform to further develop a series of data orchestration Beta projects on production environments to evolve its current software into a middleware solution for SCADA applications. Prior to being selected for the Catalyst program, Parasanti was a startup in the second class of the Halliburton Labs accelerator.
Today the majority of SCADA applications are nascent in their analytic capabilities and run through local cloud environments, installed and paid for by producers. Data collected by sensor technology associated with the SCADA system is pumped back to a data center in the cloud where some of it is analyzed to drive business decisions. The majority of that data, however, is never touched. It sits in an ever-expanding data lake, racking up cloud storage costs and creating security vulnerabilities for the companies who hold it. The Parasanti solution renders the decision-making processes (AI and ML algorithms) on GPUs at the edge of the SCADA system, analyzing the data on site, and sending only a reduced E2E encrypted packet of data back to the cloud. The solution dramatically reduces cloud storage costs and creates a much more secure highway for digital transport.
“Parasanti is honored to receive support from a global energy technology leader like Chevron through this program,” said Carrie Horazeck, President of Parasanti’s commercial division. “The CTV team has been incredibly helpful as we adapt our technology for the advanced energy solutions market. This program further demonstrates Chevron’s commitment to enabling the energy transition through technological advancement.”
