Fredericton, New Brunswick-based company to pitch at Internet of Things World Forum in Dubai
FREDERICTON, Nov. 24, 2015 /CNW/ - Cisco Systems Inc. (NASDAQ: CSCO) today named Eigen Innovations as the only Canadian startup company to make it to the final "Super Six" of their global Innovation Grand Challenge. Eigen Innovations will make their final presentation at the invitation-only Internet of Things World Forum on December 7, 2015 in Dubai, UAE.
"Our Intellexon® solution tells operators and engineers the where, when and how processes or product quality is starting to degrade within highly complex manufacturing systems," says Eigen Innovations Chief Technology Officer Scott Everett, "our algorithms use massive amounts of data to learn how to differentiate between good and bad quality products; when conditions are starting to change, it can tell the reasons why."
Cisco's challenge was launched in June 2015 receiving 3,000 entries from over 100 countries. After a series of elimination rounds, Eigen Innovations made it onto the list of 15 semifinalists, announced in October 2015, and now the final six. Top prize is $150,000 USD and VIP access to industry, investment and business experts including Cisco's Innovation Centers and Cisco Investments teams.
"To me, as the organizer of this Grand Challenge, these innovators are incredibly inspiring in how they combine sheer creativity with the technical skills of our digital era," says Cisco's Director of Innovation Strategy and Programs Alex Goryachev about the finalists in his Cisco blog. "I can't wait to get to know this year's Super Six finalists in Dubai, where they will travel make their Shark Tank-like pitches in front of a live audience before the judges."
Eigen Innovation's ultimate goal is to expand its artificial intelligence capability from detection and reporting to actual machine-learned fixes in real time.
The company was founded in 2012 with a venture capital investment from the New Brunswick Innovation Foundation (NBIF). It is a spin-off company of applied research conducted by University of New Brunswick professor Rickey Dubay, also funded by NBIF.
SOURCE New Brunswick Innovation Foundation
Image with caption: "Eigen Innovation's CTO Scott Everett is one of six and the only Canadian finalist of Cisco's international Innovation Grand Challenge to be held in Dubai in December 2015. (CNW Group/New Brunswick Innovation Foundation)". Image available at: http://photos.newswire.ca/images/download/20151124_C6019_PHOTO_EN_552134.jpg