SAN DIEGO (July 23, 2013) – Mtell continues building momentum as a leader in machine learning technology by winning the Castrol 20/20 innoVentures Pitch Competition held at The Standard in New York City on June 6, 2013.
The Pitch Competition took place during Castrol 20/20 innoVentures Insight Workshop, “Disruption is the New Norm: Staying Relevant in an Age of Rapid Disruption and Lower Barriers to Entry.” The goal of the competition is to recognize promising global start-ups, and to identify potential partnerships and investment opportunities with Castrol 20/20 innoVentures.
The competition included four finalists that were invited to pitch their offerings in front of both judges and audience members, followed by a brief Q&A session, and concluding with private questions from the five-judge panel. The judges, who included Executive members from Castrol, Loeb & Loeb and Braemar Energy Ventures, scored each company against six criteria, and the audience was given the opportunity to participate by distributing $10,000 in pretend “Castrol Dollars” to their favorite company. Each member of the audience was allowed to divide the Castrol Dollars between all four companies in any increments they desired, which determined the People’s Choice winner by most currency received.
Mtell was determined the overall winner for the Pitch Competition and People’s Choice, making this the first time a company has won in both categories. The prize for the competition included $10,000 in cash, as well as $10,000 in services from the event sponsor, Loeb & Loeb. The People’s Choice prize included a bottle of premier champagne.
Paul Rahilly, Chief Executive Officer of Mtell, commented, “It is truly an honor to be recognized by Castrol and the participating audience members for this award. Through the the power of machine learning, Mtell’s asset health management software solution makes machines smart, which aligns with Castrol’s future business initiatives.”
Castrol, the global leader in industrial lubricants and lubrication applications, and Mtell, the pioneer of machine learning applications for industrial equipment, are now exploring future opportunities.
About Castol 20/20 innoVentues
The Castrol innoVentures group was created as a separate unit by BP-owned Castrol Lubricants to focus on step-out innovation and new business development beyond lubricants. Their objective is to develop material businesses beyond today’s lubricants products. The group makes strategic investments in technology start-ups in a number of sectors including: next generation auto engineering; smart mobility; sustainable solutions and in technologies that help it’s industrial and marine customers improve efficiencies. They also run a broader program of open innovation, exemplified by the Castrol 20/20 challenge events in London and Shanghai in 2012.
Founded in 2006, Mtell is a privately held company providing software solutions for managing the health of industrial equipment. Making machines smart, Mtell plays an important role in developing the Industrial Internet. In addition to reducing risk to people safety, and the environment, Mtell is a significant contributor to equipment performance and profitability. Solutions are deployed globally in the oil and gas, mining, pharmaceutical, and wastewater industries. For more information, visit us online at www.mtell.com.