Melbourne, 16 July, 2020
The Australian Federal Minister for Industry, Science and Technology, Karen Andrews MP, announced that PHM Technology (PHMT) is one of 21 Australian businesses recently offered Accelerating Commercialisation grants under the Entrepreneurs' Programme.
PHMT is commercializing ‘Syndrome Diagnostics', a new technology that enables Predictive Maintenance (PdM) capabilities for complex engineering systems, particularly those that are safety or mission critical. The market for PdM is forecast to grow to over US$13bn by 2025.
“This is Aussie ingenuity at its best - solving real world problems, while driving economic growth and creating jobs,” Minister Andrews said.
“In the post-COVID world, there will be no shortage of opportunity for solutions-focused business minds. The Morrison Government is proud to invest in Australia’s problem solvers, so they can commercialise ideas, take on disrupted world markets and drive our economic recovery.”
The key point of differentiation for Syndrome Diagnostics is its use of a Causation model to augment the correlation-based approach to data analytics traditionally used for PdM.
“As equipment becomes more and more complex, the ability to know why, how and when it will fail is a safety imperative, while the financial rationale for PdM is well understood.” said Chris Stecki, CEO of PHMT.
“Causation-based AI means that you will already understand how the system responds to a failure when you are in the design phase, so you can ‘design in’ the diagnostic architecture necessary to detect them”.
“Syndrome Diagnostics uses Causation-based AI to provide real-time Fault Detection & Isolation for operators to identify failures as they are developing – before they lead to downtime or loss of system.”
For further information on Syndrome Diagnostics, please contact Joshua Yi at joshua.yi@phmtechnology.com.
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About Accelerating Commercialisation
Accelerating Commercialisation provides expert guidance and support to commercialise novel products, processes and services. To be suitable to receive support you must have a novel product, process or service that you wish to commercialise for trade in Australian and/or overseas markets.
For more information about Accelerating Commercialisation, please visit: https://www.business.gov.au/Grants-and-Programs/Accelerating-Commercialisation
About PHM Technology
PHM Technology (PHMT) is an Australian engineering software company that develops technology to support the design, production and maintenance of complex systems for safety / mission critical industries.
PHMT product suite includes Syndrome Diagnostics and the Maintenance Aware Design environment (MADe), a model-based engineering decision support solution that digitizes the RAMS function and provides the integrated analyses required to conduct engineering risk management for the bid, design and sustainment of complex systems. MADe is used by commercial and military organisations globally in Asia, Europe and the US.
