LS ELECTRIC will build a big data analytics platform specialized in manufacturing and energy with Sight Machine, a U.S. big data analytics platform company, and promote new businesses in these fields.
LS ELECTRIC announced on September 18 that it has signed an MOU with Sight Machine to build an AI-based intelligent manufacturing and energy big data analysis platform at LS ELECTRIC Cheongju, Chungbuk, Korea.
At the signing ceremony, which was attended by officials from both companies, including Cho Wook-dong, head of LS ELECTRIC's Biomaterials Research Center, and Jon Sobel, CEO of Sight Machine, the two companies discussed specific cooperation plans to develop new markets for big data analytics platforms.
With this MOU, the two companies plan to conduct extensive collaboration in the field of integrated platforms aimed at the ESG market, including verification and analysis of manufacturing-energy big data connectivity using Sight Machine's "Manufacturing Data Platform," prediction of AI-based manufacturing process equipment control values, and construction of big data analysis platforms to help companies achieve smart manufacturing and power efficiency in the production process.
By introducing an AI-based manufacturing and energy big data analysis platform, manufacturing companies can accumulate and analyze unit production costs and input energy data to build low-cost, high-efficiency manufacturing processes.
Through this, LS ELECTRIC plans to increase its market share of energy management systems (xEMS) required for carbon neutrality in the manufacturing sector.
Founded in 2011, Sight Machine has developed technology that analyzes quality-impacting red flags on the production floor to identify quality issues and accident causes. Sight Machine is part of Microsoft's global manufacturing partner "ecosystem," providing solutions that enable productivity and sustainability for manufacturers around the world through cloud, data, and AI-powered technologies.
In 2019, LS Group invested an equity stake in Sight Machine, an MS partner, to accelerate its digital transformation, and has been collaborating on technology to collect and analyze big data from LS Group companies' production sites.
LS ELECTRIC plans to integrate its smart factory and power solutions with Sight Machine's data analytics solutions to jointly develop a platform that enables integrated analysis of manufacturing and energy big data.
"By expanding our existing partnership, we will be able to combine our solutions and global sales networks to create opportunities in the smart factory and ESG-related data analytics platform market," said Head Cho.
