Parasanti Joins Chevron Technology Ventures Catalyst
Austin, TX, July 6, 2022 (GLOBE NEWSWIRE) – Parasanti Inc. announced today that it has been selected to participate in the Chevron Technology Ventures (CTV) Catalyst program, an initiative to support start-ups that offer technology solutions to the global environment. energy industry. By meeting the milestones of the Catalyst program, Parasanti will have the potential to further develop its software solution designed to take advanced data analysis to the extreme of remote power operating environments. The solution enables the deployment of AI and ML algorithms and data analysis in operating environments with restricted bandwidth and no bandwidth, such as upstream and medium water and gas operations, utility substations, and remote wind and solar parks.
The CTV Catalyst program was introduced in 2017 to accelerate the maturation of early-stage companies that demonstrate that technology is beneficial to the energy industry. Members of the Parasanti and CTV team will work together to set milestones for the startup. The collaborative program offers Parasanti the platform to develop a series of beta projects of data orchestration in 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 second-class startup for the Halliburton Labs accelerator.
Today, most SCADA applications are nascent in their analytical capabilities and run through on-premises cloud environments, installed and paid for by producers. The data collected by the 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. Most of this data, however, is never touched. It is in a constantly expanding data lake, increasing cloud storage costs and creating security vulnerabilities for companies that have it. The Parasanti solution represents the decision-making processes (AI and ML algorithms) on the GPUs on the edge of the SCADA system, analyzing the data in situ and sending only a reduced E2E encrypted data packet to the cloud. The solution drastically reduces cloud storage costs and creates a much safer road for digital transportation.
“Parasanti has the honor of receiving the support of a world leader in energy technology 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 to the market for advanced energy solutions. This program further demonstrates Chevron’s commitment to enabling the energy transition through technological advancement.”