Aberdeen-based performance improvement specialists, STC INSISO, has acquired, for an undisclosed amount, the intellectual property and software of a revolutionary artificial intelligence (AI) product created through a successful joint venture partnership with Lloyd’s Register.
COMET Signals, an AI-driven tool that scans HSE data to deliver clear, immediate, and actionable insights, was co-developed by STC INSISO and Lloyds Register, the world’s premier trusted advisor to marine and offshore industry participants.
STC INSISO are now sole owners of the product following the acquisition, which allows them to drive an ambitious product roadmap to build out a series of new features and improvements that will continue to push what’s possible in the AI Data Analytics space.
Lloyd’s Register and STC INSISO will continue to work together to support clients in the oceans’ economy.
COMET Signals is currently in commercial pilots with a number of major global companies including Coca Cola, Network Rail and McDermott. The COMET Signals technology is deployed across the organisations, to enable them to manage and analyse all their leading and lagging indicator data using one comprehensive platform to ensure they are maintaining the highest HSE standards.
It analyses the natural language in large volumes of HSE data from observations, near misses, and incident reports to identify trends in Hazards and Topics, analyse Severity, and perhaps most importantly predict the presence of latent root causes with the potential to cause future incidents.
Mark Rushton, CEO at STC INSISO, says, “This is a truly exciting development in our business. Having full ownership and control of the COMET Signals product allows us to surge forward with our ambitious plans to further develop the tool. We will continue to diversify, growing early progress in the Rail, Construction, Marine and Retail industries with a further push into the Oil & Gas, Renewables, and Utility sectors.”
“We have a fantastic, long-standing relationship with Lloyds Register which we are immensely proud of. This latest development is absolutely not the end of this but quite the opposite. It is about new ways of working to ensure both businesses are creating most value add to the industries we support,” Rushton adds.
Following the acquisition, COMET Signals will imminently transition into STC INSISO’s flagship COMET Safety Performance System, a collective suite of tools to support businesses improve performance through root cause learning.