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Acoustic Wells wins 2019 MIT $100K Entrepreneurship Competition

Published

6 years ago

May 17, 2019

Newsfile

Reading Time: 4 minutes

Acoustic Wells, a startup born in a laboratory at MIT that has created a new internet of things (IoT) control solution for oil wells that optimizes production while drastically reducing methane emissions, beat out seven finalists to win the Robert P. Goldberg $100,000 grand prize at last night’s MIT $100KEntrepreneurship Launch Finale held on the MIT campus.

Now in its 30th year, the MIT $100K Entrepreneurship Competition is an economic barometer for sectors of innovation that are receiving funding by venture capitalists. To date, the MIT $100K has facilitated the birth of more than 160 companies, which have gone on to raise $1.3 billion in venture capital and build $16 billion in market capitalization. More than 30 MIT $100K startups have been acquired by major companies, such as Oracle, Cisco, 3M, and Merck. Over 4,600 people are currently employed by MIT $100K companies. Recent IPOs include Akamai (AKAM) and Hubspot (HUBS).

A major challenge in the operation of oil and gas wells is the ability to monitor the operating conditions and health of pumping equipment without the need for prohibitively expensive equipment or daily inspections. To address this issue, Acoustic Wells has developed a patent-pending, acoustic-based control method that is capable of determining precisely down-hole conditions using a simple and affordable surface sensor. Acoustic Wells’ simple plug-and-play hardware processes the data at the edge and seamlessly connects to their cloud platform using long range IoT networks. Artificial intelligence algorithms automatically monitor the pump operation and optimize the production by adjusting the pumping rate while also predicting potential critical failures of the system.

Acoustic Wells’ founding team members are:

Dr. Sebastien Mannai, CEO, MIT PhD 2018 in Aerospace Engineering. He is currently engaged in postdoctoral work on AI signal processing in the Gas Turbine Laboratory of the Aerospace Department at MIT.

Dr. Charles-Henri Clerget, COO, who is currently engaged in postdoctoral work in the Earth Resources Laboratory with the Mathematics Department at MIT where he focuses on the big data analysis of drilling operations.

Louis Creteur, CTO and an industrial automation solution specialist who currently serves as IoT and Cloud Architect at Leanbox.

“We bring cutting edge technology in a simple package to help every oil and gas producer optimize their assets while reducing their emissions,” says Dr. Mannai.

A panel of judges chose Acoustic Wells based on value creation, value capture, and technological differentiation. Judges included: TJ Parker, Co-Founder & CEO, PillPack; Mira Wilczek, President & CEO, Cogo Labs; Thomas Collet, President, CEO & Director, Phrixus Pharmaceuticals; Tanguy Chau, Venture Investor; and Katie Rae, CEO & Managing Partner, The Engine.

A $10,000 Audience Choice Award was presented to The Read Read, one of the finalist teams. The Read Read has created a patent pending physical device that allows blind and low-vision children to independently learn phonics and braille, and gain early literacy to keep pace with their sighted peers. Users simply touch the braille and large-print letter manipulatives, and get immediate audio feedback. It was developed at the Harvard Innovations Lab, and piloted at the Perkins School for the Blind and the Harvard Graduate School of Education.

Six additional finalists included:

AgroBeads® are biodegradable spheres made from natural ingredients that hydrate plants according to their needs and support their growth and healthy development. Plants not only grow, but they do it faster, and healthier. AgroBeads® does not pollute the environment, improves the chances of germination, and contributes to the development of technologies that impact public health.

Mechanodontics is a new method that can be used instead of braces or aligners that moves teeth independently. Placed behind teeth so they cannot be seen, this method considerably shortens treatment time, allows for easier cleaning than traditional braces, and is more comfortable. This technology, which employs state-of-the-art simulations, allows orthodontists to apply the optimal amount of force to each tooth, easily fixing even complicated mal-alignments that are not correctable with aligners.

Myco Diagnostics is creating low-cost, robust medical diagnostics, using thermostable binding proteins to capture disease biomarkers from patient samples. They are producing point-of-care assays for the detection of urine-based biomarkers of tuberculosis, allowing them to address patient groups ill-served by traditional TB tests.

Posh offers a bot-creation platform using patent-pending technology that makes it easy to tailor a custom chatbot to meet companies’ needs. Not only can Posh answer company FAQs, but it can also help a company’s customers manage their accounts and convert prospects into sales. Posh does this while interacting with customers via the channels they prefer: across text, voice, social media and the web.

Qtech The team’s MIT-educated scientists have invented 3D Nano structured air filters that provide 20x filtration performance, 10x lifetime, and are recyclable at an estimated similar cost of a traditional HEPA filter. Filters catch not only flower pollens, but also bacteria and even viruses, and there is no need for replacements in years.

Stratagen Bio develops oxygen sensors to enable personalized cancer therapies, addressing the unmet clinical need of identifying low-oxygen treatment resistant tumors. They are enabling physicians to identify which cancer patients require a customized treatment to overcome resistance and improve outcomes and survival.

John Harthorne, a founder and former CEO of MassChallenge, served as the keynote speaker. Harthorne’s team, Robopsy, won the MIT $100K in 2007. He and Akhil Nigam went on to co-found MassChallenge, a not-for-profit, in 2010. Based on the MIT $100K model, their zero-equity startup accelerator has since gone global and has accelerated 1,975 startups that have raised more than $4.3 billion in funding, generated more than $2.5 billion in revenue, and created more than 121,000 total jobs. Harthorne now serves on MassChallenge’s Global Board of Directors.

Since its debut as the MIT $10K Entrepreneurship Competition in 1989, it has grown to include three independent contests – Pitch, Accelerate, and Launch – from September through May. Each contest focuses on developing specific founding skills. For each semi-finalist contender, the MIT $100K brings together a network of resources that includes mentorship from venture capitalists, serial entrepreneurs, corporate executives, and attorneys; media exposure; prototyping funds; business plan feedback; and discounted services. Altogether, almost $1M in non-dilutive prize money and other financial resources are awarded to help these new ventures accelerate. For more on the MIT $100K, please visit: www.mit100k.org

SOURCE MIT Sloan School of Management

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China’s AIMA brand electric motorbike is now in Bangladesh

Published

10 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html

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China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

11 hours ago

November 23, 2024

CISION (PR Newswire)

china-telecom-gulf-officially-launches-in-saudi-arabia-for-business

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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View original content:https://www.prnewswire.co.uk/news-releases/china-telecom-gulf-officially-launches-in-saudi-arabia-for-business-302314765.html

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

1 day ago

November 23, 2024

CISION (PR Newswire)

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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