Axora secures $10 million platform-funding boost
Axora aims to come up with digital solutions which solve many business pain points on its new innovation platform after closing over $10 million in funding from private placements.
The latest round of investment welcomes new minority shareholders Traxys and Société Générale, and a group of private investors, including ABCP fund and the Boston Consulting Group provided further financing.
"We estimate that approximately $200 billion in Intellectual Property is duplicated every year across industrial companies," said Ajay Chowdhury, Managing Director and Partner, BCG Digital Ventures. "Many companies across different sectors are looking to solve the same or similar problems but unfortunately there's a lack of transparency across industries which results in wasted investment as companies develop technology solutions which have already been built elsewhere."
In addition to its new shareholders, Axora also welcomes Ritz Steytler as CEO, following an extensive search process. Ritz has more than 27 years' experience in the technology-led transformation and growth of multinational businesses. He spent the first part of his career as a consultant and systems integrator with Accenture and IBM, delivering transformation programmes for some of the biggest names in retail, telecommunications and financial services.
Later, he was CEO and board director of the omni-channel payment processor PXP up to its acquisition by Kalixa in May 2014, and subsequently COO and board director of Kalixa until October 2015. Before joining Axora, he was COO of Featurespace, the world leader in adaptive behavioral analytics and AI-based fraud detection.
"The need for companies to be digital, safer, sustainable and efficient has never been greater," said Steytler. "This new investment not only validates our offering but ensures that we continue to identify and provide digital solutions that solve many of the pain points suffered by businesses in industry today. I'm looking forward to leading Axora through the next phase of its development."
Together with its expert industry insights, Axora hosts more than 100 innovative solutions from sector leaders to start-ups, universities, and consultancies. Examples include machine vision technology that identifies mineral ore contaminants three times faster than the human eye, and predictive modelling for oil rigs which uses built-in sensors and AI to maximise production. Axora's proven digital solutions help to reduce wasted investment, avoid duplication and accelerate business growth.
Axora was developed by a team of industry experts, engineers and entrepreneurs including the Boston Consulting Group. It is currently focusing on the Oil and Gas and Mining and Metals sectors and will soon expand into other sectors.
Coal India Secures First-Of-Its-Kind Digital Deal
Coal India Limited (CIL) has appointed Accenture Solutions to digitally transform seven of its open-cast mines as the company strives to improve performance and increase coal production. Accenture is due to lay down digitalisation groundwork until March 2022.
The deal aims to increase coal production by 100 million tonnes (MT) by the end of FY’23. Once the minimum quantity has been surpassed, an agreed sum will be paid to the consultant for every additional sum of coal produced. This success fee will only be paid on the procurement of the minimum assured quantity.
The move will see heavy earth moving machinery (HEMM) fitted with digital sensors to monitor performance efficiency at all levels. Additionally, modern data analytic techniques aim to increase mine productivity and project monitoring through functional system management and effective observation.
An Exciting Venture For Global Mining
CIL, which aims to provide energy security in an environmentally and socially sustainable manner, hopes the move will help transform the entire business of mining operations and ensure higher volumes of coal are acquired at a lower cost.
“This is a first of its kind initiative by the company utilising digitalisation to ramp up coal output,” CIL has said.
A Digital Step Towards Enhanced Performance
Digitalisation is expected to take place at open-cast mines in Kusmunda, Gevra, Dipka of Southern Eastern Coalfields (SECL), Migahi, Jayant, Dudhichua, and Khadia of Northern Coalfields (NCL). Nearly 32% (188 MT) of CIL’s 596 MT output in FY’21 was accounted for by the seven selected mines. However, this new deal is set to see a large increase following the subsequent digital changes due to be made.
“Learning from the outcome and success of this model, we may replicate it in our other large mines,” says CIL, optimistic about the future following the modernisation of their mining.
It is expected that the move will help address roadblocks and guarantee corrective measures are put into place, ensuring the company is able to move forward with its aim of increasing output whilst remaining sustainable and eco-friendly.