The venture fund "New Industry" Ventures LLC develops an innovative system of production video analytics
Published: 2 February 2021
The venture fund "New Industry" (New Industry Ventures — a joint venture fund of Gazprom Neft, Gazprombank, RVC and VEB Ventures) supported a project to develop a Russian video analytics system for occupational safety and industrial control using artificial intelligence and big data technologies.
The Fund invested in the Russian company NVI Solutions, which specializes in the development, supply and integration of artificial intelligence systems for pattern recognition. The funding will be directed to the creation and development of the Cyclops automated software package. The innovative system allows you to record violations in the field of occupational health and safety in real time and retrospectively, as well as track specified technological operations based on computer vision and machine learning algorithms.
The Cyclops software package analyzes the video stream from video surveillance cameras in production, automatically identifying specific types of scenario events. The system records possible violations of safety rules and technological processes without human intervention and allows you to respond promptly to them.
The prototype of the software package has successfully passed industrial tests and proved its effectiveness in the field as part of pilot projects at the facilities of leading Russian energy companies. In the future, Cyclops can be in high demand both at manufacturing enterprises and in situational analysis centers, as well as in civil engineering, retail, warehouse logistics, traffic control, transport operations and passenger flows, and in other areas. By 2022, with the support of the New Industry Foundation, it is planned to finalize the product and implement the system at the facilities of several industrial customers, as well as conclude agreements with the largest Russian IT integrators to replicate the product in Russia and abroad.
Alexey Vashkevich, Director of Technological Development of Gazprom Neft:
"Today Gazprom Neft uses digital tools and machine learning at almost every stage of oil production. Thousands of sensors and cameras are located at our production facilities, from which huge amounts of information are received. Efficient processing of this data using artificial intelligence algorithms provides new opportunities for the entire industry, increases control over the operation of equipment and compliance with industrial safety requirements by personnel. For example, if an employee puts himself at risk, the system will automatically detect this in order to prevent further actions. Therefore, advanced video analytics is in demand in the oil and gas industry and has a good potential for commercialization."
Alexander Stepanov, Deputy Chairman of the Management Board of Gazprombank:
"As a financing party, we participate in the creation of advanced industrial production facilities throughout the country. The influx of private and public investments in rapidly progressing technologies for ensuring the security of infrastructure facilities will give an additional impetus to the development of the real sector. Modern video analytics systems based on artificial intelligence make it possible to receive and respond to security events in real time, which, in turn, enables concerns to move to a qualitatively new level of industrial safety. I think products based on the NVI Solutions resource and expert base have good market prospects."
Alexey Basov Deputy General Director-Investment Director of RVC:
"Russian companies are traditionally among the world leaders in the field of video analytics and machine vision. And we are very pleased that the portfolio of the New Industry Foundation has been supplemented by the profile project NVI Solutions. Technologies for improving the efficiency and safety of production are an important element of the digital transformation that most industrial companies around the world are undergoing. The company's product has already proved its relevance during pilot tests, and the fund's investments will allow the team to continue improving the technology and attract new Russian and international customers."
Veronika Fiedler, Senior Managing Director of VEB Ventures:
"It is expected that the size of the global video analytics market will reach $13 billion over the next 6 years. It can grow by 20% every year. The growth catalyzes the current crisis, which allowed investors to see the prospects for automating production processes and improving the level of technical safety. Video analytics based on artificial intelligence is already quite widely used in retail, healthcare and construction, and NVI Solutions products will stimulate this process."
Philip Belyaev, Founder and CEO of NVI Solutions:
"At many production sites, personnel are constantly faced with sources of increased danger. The health of employees is the most important factor of business success. Industrial video analytics systems for industrial safety are increasingly in demand by manufacturing companies that have high requirements for safety and compliance with technological standards. Product solutions based on computer vision, machine learning and pattern recognition algorithms open up new opportunities to improve business efficiency by automating visual information processing processes, timely monitoring and effective emergency response, which can preserve the health and, in some cases, save the life of an employee of the enterprise."
Gazprom Neft is a vertically integrated oil company. The main activities are exploration and development of oil and gas fields, oil refining, production and marketing of petroleum products. In terms of oil production and refining, Gazprom Neft is one of the three largest companies in Russia. The structure of Gazprom Neft includes more than 70 oil-producing, refining and marketing enterprises in Russia, the countries of the near and far abroad.
Gazprombank is among the top three leaders of the Russian banking industry in terms of major volume indicators (according to INTERFAX-100. Russian banks, www.finmarket.ru/database/rankings /), as well as among the largest financial institutions in Central and Eastern Europe.
Gazprombank provides a wide range of services to corporate and private clients. The Bank serves key sectors of the Russian economy — gas, oil, chemical and petrochemical, metallurgy, electric power, mechanical engineering, transport, construction, communications, agro-industrial complex, trade and other industries.
Gazprombank's retail business is focused on providing modern high-tech products and services. At the beginning of 2020, the Bank serves about 5 million individual customers, the retail loan portfolio by the end of 2019 is more than 550 billion rubles, the retail deposit portfolio is more than 480 billion rubles.
RVC is the state Fund of Funds, the Institute for the Development of the venture industry of the Russian Federation. The main objectives of RVC JSC are to stimulate the creation of its own venture investment industry in Russia and to perform the functions of the Project Office of the National Technology Initiative (NTI). The authorized capital of RVC JSC is more than 30 billion rubles. 100% of the capital of RVC belongs to the Russian Federation represented by the Federal Agency for State Property Management of the Russian Federation (Rosimushchestvo). The total number of funds formed by RVC JSC has reached 28, their total size is 58.2 billion rubles. The share of RVC JSC is 31.1 billion rubles. Funds with the participation of the capital of JSC "RVC" invested more than 290 portfolio companies for a total amount of 23 billion rubles.
VEB Ventures (formerly VEB Innovations) is a company of the VEB Group.The Russian Federation, created to support high-tech projects through direct transactions and management of venture funds. VEB Ventures' priorities include financing promising companies with its own funds, private and public funds, as well as assistance to Russian startups in entering international markets. The company offers projects not only venture investments, but also operational management support tools, as well as access to financial products of VEB.RF Group companies. This makes it possible to form support schemes for Russian innovative companies taking into account their individual needs, including to facilitate entry into international markets.
NVI Solutions is an IT company specializing in the development and implementation of software products based on artificial intelligence for industrial customers, as well as their adaptation to specific production tasks and implementation at real production facilities in Russia and abroad.