NORCAT Innovation Mill Angel client Praemo has been named one of the twenty most innovative IOT companies to watch in 2018.
Praemo was founded by a group of digital industry experts with extensive experience in their respective fields. The company does not only understand technology intimately but is able to put that knowledge into practice to provide predictive and prescriptive solutions that increase productivity while reducing costs.
By combining industry expertise with AI and IIoT to automatically deliver insights and recommendations, Praemo gives its clients the ability to predict disruptions and take preventative action.
TM Razor by Praemo connects securely to data sources to ensure fast, safe and error-free data transfer. Inside Razor™, Predictive Analytics and Prescriptive Intelligence generate Events and Recommendations which are delivered as intuitive notifications.
An Experienced Leader
Michael Martinez, the CEO of Praemo had worked in the real time connectivity field for a number of years even before the terms IoT and IIoT entered the common vernacular. He moved on to executive roles within the Asset Management space and then accepted the position of Chief Operating Officer at SMEC before founding Praemo.
Michael’s experiences in the digital arena made him realize that we work excessively hard to give meaning to the data at our disposal. He decided that he could design a product that would simplify that aspect of data analytics while working around the clock, no matter the circumstances.
Michael collaborated with Paul Hancock to found Praemo and they put together a team to develop Razor™. The aim was to bring to the market a technology built from industry experience that would solve industry problems.
Praemo provides predictive and prescriptive technology that allows its clients to turn their operations data into actionable insights.
TM That data is analyzed by Razor to determine events and anomalies that could lead to disruptions within the operations. This information is then used to devise a plan of action that is focused on decreasing downtimes, increasing equipment availability and/or improving quality.
The technology helps operators see trends and events that would normally be lost in the flood of information and points them in the appropriate directions so they are using their time most effectively.
An Exceptional Organization
Praemo was created by people from the industry who best understand the need to solve problems peculiar to their sector. The Praemo team understands the problems that occur in the field, the traditional methods used in the past to try and solve them, as well as the reasons why those methods are only partially effective.
The company is utilizing technology to its advantage by leveraging AI, in combination with industry knowledge and experience to observe, interpret and process data in new ways. This has led to revolutionary insights that help drive sustainability in clients’ operations.
Another major characteristic that separates Praemo from the field is that it did not build a completely new platform and instead chose to develop technology that can work with existing ones. The company’s mission is to not duplicate products that already exist but to build technology that can add value to other platforms.
Praemo has seen the success this approach brings and will continue with a platform-agnostic philosophy.
The journey so far has been amazing, and the company is continuing to hire the best and brightest minds while working closely with some of the most innovative companies in the arena. The spectacular reception to Praemo’s product validates the company’s belief that it is on the right track.
One of their initial challenges was finding the right development pace so that they were fast enough to meet market demand while being careful not to move faster than the technology. They learned early on that with the right approach to technology development and with the right team, Praemo could progress fairly quickly while maintaining quality.
Praemo focuses on the power of predicting and prescribing through the data obtained from everyday operations. Their solution is not presented as a standalone platform but it has the ability to connect to existing platforms as a predictive engine determining actionable insights. For instance, Razor™ will look for events and anomalies that may lead to disruptions in a client’s operations and present it to a designated operator through alerts or via an existing platform. Razor can also automatically create a work orders in a CMMS for maintenance technicians to execute against so that it can fall into the appropriate planning cycle.
Praemo has purposely chosen a lean approach to the technology – this allows it to work with existing platforms, dashboards and other systems already in the market or implemented at customers’ sites. If a client does not have an existing system, Praemo provides a cockpit that allows operators to manage the alerts and insights that Razor™ will create.
Building the Future Roadmap
In the future, Praemo will be working closely with OEMs and larger platforms to supplement their existing technologies in which Razor™ may be the engine for the predictive technology as well as continue working directly to customer building out the organization’s cross industry use cases.
Praemo’s goal is and always will be quick implementation that generates value early for its clients. They want to make IIoT easy, fun and valuable for their customers, transforming it from just another IT solution to a factor that enhances overall operational capabilities.
An Example of ‘Precise’ Partnership
Precision Record Pressing is a state-of-the-art pressing plant. Precision breathes new life into vinyl manufacturing process by combining rich industry experience with a brand new state-of-the-art pressing technology. We are the worlds first manufacturing plant to use the all new record presses in over 30 years!
Made up of engineering and manufacturing experts, musicians, distributors, and record label owners, Precision is uniquely in tune with how a high quality record should be made and delivered. The company is also an adopter of technology that will enhance their operation, which is why they partnered with Praemo to implement Razor™.
“Praemo’s Razor™ has allowed us the visibility to foresee hidden risk potentials within our operational environment before they escalate,” mentions Ernie Addezi, the Vice President of Operations of Precision Record Pressing.