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In April 2023, Intelligent Project Solution Inc (IPS) secured a business financing from Business Development Bank of Canada (BDC).
The Business Development Bank of Canada is a Crown corporation and national development bank wholly owned by the Government of Canada, mandated to help create and develop Canadian businesses through financing, growth and transition capital, venture capital and advisory services, with a focus on small and medium-sized enterprises.
Having BDC as the partner at this stage of journey is not only a recognition for the strong future of IPS, but more a confidence from the professionals of industry to acknowledge the great potential of IPS’s products.
The funds will be a great booster to the fast-growing business of IPS, such as to upgrade the IT and security infrastructure, to bring in more talents for technology, product, and engineering teams to support ongoing projects, and to improve the operational capacity in Cebu and India.
IPS is speeding up with promise to continue to provide exceptional services to their clients and expand the reach in the industry.
On Feb 15, 2023, PTTEP (Petroleum Authority of Thailand Exploration and Production Public Company Limited) has awarded a contract to IPS to convert over its historical P&ID to AVEVA PID. As part of digital transformation project, PTTEP is moving its engineering solution system to AVEVA, therefore, there is a need to convert historical P&IDs to AVEVA P&ID. IPS wins contract with its innovative solutions. This is a major strategic client for IPS in the Southeast Asia region with more clients in the region to start digital transformation initiatives. The project will be executed and set to start by the end of February until the end of 2023.
IPS’ iDrawings - P&ID AI solution migrates historical dumb PIDs (DWG, Scanned, PDFs) to Digital and Intelligent P&IDs , generate engineering deliverables, resulting in 50% efficiency gain. As a valued customer, we would like to update you with our new product release.
What’s New:
A much-matured AI Solution with enriched user interface: Since released in 2020, our team has been able to advance iDrawings AI engine to a new level of maturity: we are now able to achieve 70-90% accuracy while migrating to the destination CAD system, this will certainly bring down the overall cost and time of migration. This new release include an interactive user interface for customer to review and update AI detection to bring digital data from 80% to 100%.
Fully customizable to customer’s engineering standards: Every customer has its own set of tagging and naming convention, and industries have different symbol systems and standards. IPS’s AI solution can be fully customized based on customer’s engineering standards. Furthermore, our AI solution can unify multiple standards into a common standard when doing conversion. This is very critical in engineering design or operation when standardization is needed.
30% more schedule benefits: With our improved AI technology, IPS’ generalized base AI model can significantly reduce initial model training and configuration time for most of the standards. In one week, with limited data, IPS AI can achieve close to 60% accuracy in recognition, and this results in a jump-start for projects and cuts P&ID conversion schedule by 30-40%. With more and more data AI can improve the accuracy further to finally reach the maximum of 70-90%.
30% more price reduction: Due to this improved efficiency, we have lowered our price by 30%, thus extending the benefit of the improved efficiency and improved price to our customers.
We continue to deliver in a SaaS Solution model and provide services with our global service partners.
Korea’s Daily News Digital Chosun published a press release featuring Intelligent Project Solutions Inc. (IPS) as part of Canadian [AI Korea 2021] Virtual Trade Mission delegate. Digital Chosun is part of the top Korean media group, Chosun Ilbo, the oldest daily newspaper in the country. AI KOREA 2021 is the only Artificial Intelligence EXPO in Korea. The Trade Commissioner Service (TCS) at the Embassy of Canada to Korea has organised a virtual trade mission to Busan, South Korea on September 1-3, 2021 in conjunction with this year’s AI KOREA 2021 event. The TCS hosted a Canada Pavilion to promote Canadian technologies and companies and organized a virtual B2B meetings between Canadian participants and Korean industry stakeholders after the event that has generated discussions on potential partnership opportunities.
IPS was selected as one of the ten most innovative AI companies from a high volume of companies to be promoted in South Korea market. IPS is an Artificial Intelligent Solution company developing AI solution for engineering and digital transformation for manufacturing industry including oil gas, chemical, energy, power, and integrated with digital twin, ICT, IIOT industry solutions. Please see the information of AI KOREA 2021 and Chosun’s press release (link– only in Korean).
On 15th Oct, IPS joined Canada Startup Showcase along with 11 Canadian AI & mobility companies to pitch at Nikkei AI/SUM & TRAN/SUM!
Japanese Prime Minister Suga and several high-profile Japanese ministers, with the Minister of Small Business, Export Promotion and International Trade, the honorable Mary Ng, greeted with a video message for the summit. Daniel Bin Zhang, our CEO, presented IPS’s latest AI technology with the audiences, and over 130 viewers watched our pitch live!
On Sep 15th, IPS partnered with Jiangsu Industrial Technology Research Institue (JITRI) and attended the Yangtz River Delta Economic Development Coordination Summit holding in Jiangsu Province, China. The coordination summit is a regular high-level economic development meeting among provinces in Yangtz River Delta Economic zone, which is the centre of China’s manufacturing and technology development and the largest economic development zone in China by GDP, covering Shanghai, Jiangsu, Zhejiang, and Anhui province. The deputy governors, the mayors of key cities, and the head of technology innovation zones from these provinces attended the meeting, with major innovation players, such as the head of technology development from Alibaba. Presented by JITRI, IPS was featured as one of the ten industrial transformation innovation companies, and received good comments and attention from senior officers. IPS is looking forward to a cooperation with JITRI to develop the market and digital transformation technology in China.
About JITRI: “JITRI’s goal is to build a sustainable innovation eco-system in Jiangsu Province, linking the innovation both domestic and international resource and the driving demand of manufacturing industry, by building independent institutes to power the transformational research.”
More information at http://en.jitri.org
Intelligent Project Solutions has entered a final agreement with Chiyoda Corporation in Japan to codevelop an AI based engineering solution for P&ID update automation. This agreement is supported through an agreement between Canadian Government NRC IRAP (National Research Council of Canada Industrial Research Assistance Program) and Mitsubishi Corporation to promote the Canadian innovation with large global companies. The project aims to significantly reduce manual work in engineering designs, updates and drafting efforts, and therefore, to improve the efficiency and productivity in capital engineering work process. This is a part of IPS’s roadmap to transfer engineering with AI technology, and also a step to help Chiyoda to be innovation leader in engineering for delivering more cost-efficient engineering service.
Chiyoda Corporation is the world leading engineering and construction integration company, and the largest Japanese international EPC company in oil gas and energy industry. Headquartered in Yokohama, Japan, with 21 locations and projects in over 60 countries, Chiyoda executed over 40% of LNG projects globally. More information about the Chiyoda, you can find at https://www.chiyodacorp.com/en/about/profile
On September 2nd, as one of the 10 finalists selected by Plug and Play Tech Center (PNP) for the Energy Program, IPS attended PNP’s Energy Fall 2020 Program Kickoff, and presented our innovative products and service to 100+ executives from COPEC, Edison International, Tokyo Gas, Phillips 66, Ecopetrol, Inven, Contact Energy, Exxon Mobil, Maersk Drilling, Osaka Gas, Chevron, Dominion Energy, and many others. IPS received a lot of interest for potential cooperation from these audiences. PNP is one of the world’s largest innovation platform for large global corporations. The energy program is focusing on energy sectors, including companies such as BP, Shell, Chevron, Exxon Mobile, Chiyoda. PNP partners with major corporations for 3-month business development focused programs called Innovation Platforms. Previous participants include companies like Otonomo, UiPath, Proterra, Sight Machine, DeepMap, Sensetime, DataRobot, Affectiva, TuSimple, and many others. plugandplaytechcenter.com
From June 21st to the first week of July, Intelligent Project Solution (IPS) attends the Collision Conference hosted in Toronto, Canada. Due to the current COVID-19 pandemic, this year’s Collision is hosted remotely as “Collision from Home”. Collision Toronto is the North America’s fastest growing tech conference bringing global leaders including PM Justin Trudeau from Canada, executives and speakers from Fortune 500 companies, and over 1000 start-ups together. Through the conference, IPS has met with major global companies and investors from US, Japan, China, Taiwan, and Thailand, for business opportunities and collaborations. For more information about Collision please refer to collisionconf.com
Intelligent Project Solutions (IPS) was selected to participate in the Japan Canadian Technology Accelerator program (CTA@JP) through a very competitive process based on the strong digitalization needs in Japan; IPS’s demonstrated market tractions and proven AI technology and the value it brings to Japanese clients. The CTA@JP is part of the Canadian government’s trade commissioning effort. It provides enhanced and individualised support to high-potential Canadian tech companies that have identified Japan as a core strategic market, and are looking to intensify market development efforts and build strategic partnerships in Japan across the next twelve months. IPS will have access to: · High-touch service from dedicated CTA Trade Commissioner who will act as IPS’s key account manager and help connect to potential clients, investors and strategic partners; · Lead Advisor/Industry Mentor who will provide advice on business model and market entry strategy, insights on how to navigate business culture and local market, facilitate introductions with key stakeholders, and more; · Other bespoke in-market services, such as co-working space, workshops, pitch events or meet-ups, exclusive networking events, media exposure.
Intelligent Project Solutions Inc is working on a pilot project of datasheet digitalization with one of the largest companies in India, which is also the 10th largest energy company globally.
Intelligent Project Solutions Inc has received additional funding from NCR-IRAP under the COVID-19 program, which continously supports IPS a healthy growth under the current global challenge.
National Research Council Canada / Conseil national de recherches Canada(NCR) is the largest federal research and development organization, and IRAP is an industry research assistant fund within the NCR. As IPS main funder, NCR-IRAP has so far invested in the company for both R&D and marketing efforts. Currently, IPS is working on a new co-development project with one of the largest Japanese engineering companies in oil&gas and energy sector, with IRAP has agreed to support this project, more details to be worked out.
March 8th, 2018. Canadian National Research Council Industrial Research Assistance Program (NRC-IRAP) has approved funding to Intelligence Project Solution (IPS) inc. for developing an AI solution of the pattern and symbol recognition of Engineering drawing P&ID (process and instrument diagram) for Chemical, Oil and Gas industry. The funding is a key milestone for IPS to accelerate its research and development of AI solutions to meet the industry’s engineering and digital transformation needs
iEng™ P&ID is an AI solution for digitalizing the most critical engineering drawings: P&ID. iEng™ P&ID is an AI application that recognizes symbols, text, shapes and their relationships on P&ID. Then, iEng-P&ID allows users to regenerate intelligent P&IDs and other engineering deliverables 2 to 10 time faster than human. IPS is looking for industry partners for pilot projects.
IPS cooperate with McMaster University in A.I. Research
Feb 20, 2018. Intelligent Project Solutions has released a beta version of iEng™ Document – Datasheet Solution. This AI based solution will beable to abstract Engineering Data from Datasheets based on client standards; then, these data can be used for the asset management system, digital twin, or creating these datasheets in any format for a new project or standardization. Contact with us.
IPS’ iDrawings - P&ID AI
Solution migrates historical dumb PIDs (DWG,
Scanned, PDFs) to Digital and Intelligent P&IDs, generate
engineering deliverables, resulting in 50% efficiency gain. As
a valued customer, we would like to update you with our new
product release.
