Razor Labs, a leading developer of artificial intelligence solutions for industrial equipment, has recently formalized a significant partnership agreement with a prominent multinational corporation operating extensively in the global mining sector.
The partnership, spanning eight years with an option for extension, will involve the integration of Razor Labs’ product, DataMind AI, into the mining operations of the multinational corporation, which boasts substantial mining sites worldwide, notably in Australia, South Africa, and the United States.
DataMind AI aims to enhance mining operations by predicting, identifying, and proactively preventing machine failures. The primary objective is to minimize unplanned shutdowns and reduce maintenance costs.
“The product we developed uses the widest variety of sensors on the market to monitor and prevent all failures in industrial machines. Just as a doctor diagnoses diseases using CT, MRI, EKG, blood tests, and more, we understand that using vibrations alone, the most common sensor in the industry today is not enough,” said Michael Zolotov, Razer Labs founder and CTO.
“The system we developed includes over ten different types of sensors and even cameras. The artificial intelligence cross-references all the information and provides the client with a simple bottom line of all the impending failures in the machines months in advance. The technological challenge that the 8200 unit alumni team here managed to solve is the ability to analyze and integrate such diverse types of data and to perform diagnostics of hundreds of different machine failures,” he continued.
“This deal allows this unique technology to generate an impact on an international scale with the implementation of 8,400 sensors across 14 mining sites. The implementation will not only lead to a tremendous optimization of production processes but also to the prevention of catastrophic failures of machines that also cause injuries to the mining sites’ operational teams,” Zolotov concluded.
Million dollar investment
The multinational corporation has committed to a comprehensive partnership with Razor Labs over a five-year period, acquiring licenses for the DataMind AI product for 14 mining sites at an estimated annual cost of $3.3 million.
Additionally, the corporation will invest $9.1 million in hardware, including sensors and associated equipment, crucial for integrating their machinery with DataMind AI to generate necessary data. Razor Labs will also provide implementation services estimated at $5.6 million, emphasizing the extensive support they will offer during the integration process.
Raz Roditi, Founder and CEO of Razor Labs, commented on the agreement, stating: “The signing of this strategic agreement constitutes an unequivocal expression of confidence in the necessity and great value our technology generates for the mining market. After reviewing our product, the client decided to implement DataMind AI extensively at a number of its global mining sites. This agreement lays the foundation and supports our marketing efforts in the mining industry and other potential sectors.”
In the context of a global mining market valued at $2 trillion and with thousands of active mining sites worldwide, Razor Labs, despite Israel lacking a mining industry, was selected as the technology supplier for this international corporation. The company’s technology, utilizing a broad range of sensors, positions it as a notable player in preventing malfunctions in industrial machines.
This strategic partnership follows Razor Labs’ successful Initial Public Offering (IPO) in 2021, marking a pivotal moment in the company’s transformation from a service-oriented entity to a product-focused company.
The reorganization allowed the infusion of seasoned business professionals into the team, facilitating the launch of DataMind AI, which has already been implemented at sites in Australia and Africa. The current partnership underscores the strategic importance and potential of Razor Labs’ innovative product in the global market.
Tomer Sorolovich, Chief Business Officer underscored the collaboration and intensive work that led to the partnership. “The international experience and work with giant global companies over the past two years have allowed us to affirm the substantial need for DataMindAI’s solution in the mining sector,” he said.
“The deal was woven after deep collaboration and intensive work of the teams at the client’s sites and is based on the results and impact of the technology.”
