CEO Dr. Guenther Hoffmann tells us about LexaTexer’s aspirations for Data Pitch and beyond.
Describe your Data Pitch challenge idea
LexaTexer offers predictive analytics that help corporations organise decision-making by analysing documents with machine learning technology. LexaTexer is a platform which allows you to build data-driven applications quickly and efficiently. LexaTexer supports use cases like process-automation in industries such as railways and logistics.
What does the idea set out to achieve?
An estimated 90% of information in a corporation is hidden in unstructured data (such as text memos, documents, emails and maintenance records). This information is tyically analysed by human specialists, if at all. This is costly, it doesn’t scale and it limits your potential to use unstructured data for knowledge generation. As a result, this data is largely ignored in current analysis processes.
LexaTexer understands unstructured sources, turns that information into actionable knowledge and yields access to vast amounts of hidden knowledge. Today, manual maintenance messages are entered into legacy IT systems, typically without quality control or evaluation. In the future, track workers and engineers who enter maintenance records will be supported by an intelligent assistant to improve the quality of the data and to categorise their inputs. In addition to this, LexaTexer will support the prediction of failures and other events. This will therefore reduce unexpected downtime and increase availability.
What makes your idea different or unique?
Unlike general analytics platforms we focus on providing industry specific solutions with specialised knowledge. We provide actionable knowledge rather than uninterpreted information. We provide access to both unstructured and structured data, such as sensor readings. We have built industry-specific knowledge into our products for predictive maintenance and logistics. Our system is built to be aware of over 600 types of classifications for maintenance records from the get-go.
Where did the idea come from?
Automation and efficiency are currently major drivers in all relevant industries, and our industry partners paved the way for us to apply our technology to real world problems.
What excites you about the challenge you applied for?
We get to make real world impact in a number of industry sectors like the railway, logistics and security. The challenge will also allow us to contact industry leaders across Europe.
How did your team meet?
The core team has worked together for many years and met while in higher education, as well as in the industry itself.
What’s the best thing about working with data?
We love to discover new things, and this quote resonated with us: “My interest is in the future because I am going to spend the rest of my life there.” If we make use of the right data, we can make an attempt to predict future tendencies.
Anything else you want to tell us about your startup and why you do what you do?
We currently focus on learning from use cases and understanding our customers’ issues. We have opened up a number of industries already and we have started building products based on our experiences so far. We are looking forward to taking a big step in the establishment of use cases with the support of Data Pitch.