Start-up of the week: ThingBook

Our start-up of the week is ThingBook, which uses AI to help internet of things and telecoms companies stay secure. "With the buzz around big data and analytics technologies (and despite the investment), many internet of things (IoT) and telecom companies struggle to extract actionable insights from their equipment data," explained Roman Ferrando, founder and CEO of ThingBook. "In this sense, the primary purpose of ThingBook is to allow data-driven decision-making processes, reducing the time, cost and uncertainty in the adoption of advanced data analytics solutions. 'The analytics market is always evolving; agility is a key success factor' – ROMAN FERRANDO ThingBook connects clients to their equipment telemetry data by applying artificial intelligence (AI). "We enable them to predict, analyse, share and act upon machine behaviours, optimising operations, detecting security threats and avoiding unplanned downtime, in real time, and processing thousands of sensors simultaneously." In collaboration with the Institute of Technology Blanchardstown – which supported ThingBook in its development stage through the New Frontiers Programme at the LINC and also through the School of Informatics and Engineering – the company is set to launch a product that predicts how machines will work, identifying unusual patterns and cyberattacks, and blocking unusual activity without human intervention. Ferrando said that ThingBook is the first such platform to be able to store, compare, analyse and predict thousands of equipment behaviours at the same time. It is built using the latest streaming technology and patented machine learning algorithms, which give the company the unique capability of processing up to 1trn messages per day in real time. He said that this technology can reduce equipment downtime by up to 50pc and capital expenditure by 30pc by extending equipment lifetime. "The IoT analytics market is rapidly gaining traction primarily due to the sudden outburst of data from IoT-enabled devices and increasing global penetration of connected devices," Ferrando explained. "The IoT analytics tools have a unique role in various industry verticals such as manufacturing, telecom, energy and utilities, retail, and transportation and logistics.