Paris, June 18, 2018 - Kayrros, an advanced data analytics company, was recently awarded a grant from the European Innovation Council (EIC) for its Predictive Analysis on the Worldwide Energy Sector (PAWES) project. The award is part of a larger grant given to 257 small and medium-sized companies (SMEs) from 31 countries. Though the PAWES project, Kayrros will deploy its cutting-edge technologies, including artificial intelligence and processing of satellite imagery, to provide predictive analysis and insights on the global energy market.
Kayrros was selected in part for its novel approach to delivering energy market insights, which combines data analytics, machine learning, and expert knowledge. Kayrros data scientists and energy experts use innovative technologies to retrieve big data from multiple sources before unifying the data formats and combining them into a dedicated IT infrastructure. They then process the data are processed with specific models and machine-learning algorithms to provide market forecasts and frequent updates on key global energy trends. The speed at which this is done enables Kayrros to deliver information in near real time and with less delay than existing publicly available sources.
“We're honored to receive this EIC grant in recognition of our hard work and effort,” said Antoine Rostand, Kayrros president. “We will continue to build and maintain an innovative range of insightful products that bring greater transparency to the energy markets worldwide.”
The EIC awards its SME grant to start-up companies with high growth potential or companies with the potential to attain a net worth of over one billion euros. The EIC SME grant is designed to select, fund, and support start-ups as they grow and mature. Looking ahead, Kayrros is entering the second round of EIC applications, which could provide an award between 1.5 and 2.5 million euros.