SOURCE: Dynamic Risk

Dynamic Risk

June 08, 2015 09:00 ET

Dynamic Risk Launches $200,000 "Cognitive Computing" Innovation Challenge

Pipeline Integrity Leader Deploys HeroX Incentive Prize Platform to Find First-Ever, Real-Time Solution for Teaching Computers to Read

CALGARY, AB and HOUSTON, TX--(Marketwired - Jun 8, 2015) - Dynamic Risk Assessment Systems Inc., a leader in pipeline integrity engineering, today announced the "Cognitive Computing" Challenge -- a $200,000 incentive prize for finding a real-time software solution that allows a computer to read and comprehend complex documents, then populate a database with extracted information. Targeted toward data scientists, machine learning experts, natural language processing experts and "out-of-the-box" thinkers, the Cognitive Computer Challenge is expected to bring unprecedented levels of innovation to learning systems that combine data mining and pattern recognition techniques to mimic the way the human brain works. The goal of the challenge is to create a truly "literate" computer.

While deep-learning software programs exist today, a commercial solution does not exist that allows a computer to learn how to scan technical documents, identify data patterns and populate databases with important information that can be applied to current and future analytical models for the energy and other industries. After an exhaustive search for a solution, Dynamic Risk has turned to the HeroX incentive prize platform -- a new type of economic engine designed to bring about radical business, technological and social innovation to benefit local and global communities, inspire new industries and catalyze markets.

"We are really excited to be working with HeroX to reach out to incredible innovators and encourage them to work together to solve this challenge," said Dynamic Risk's Chairman and Founder, Glenn Yuen. "The applications for a truly literate computer are not unique to pipeline integrity and safety. There are parallel applications in many industries such as accounting, legal, military/aerospace, emergency response and healthcare. For the energy industry in particular, database-driven, cognitive integrity management has the potential to eliminate costly pipeline failures."

"The expert talent in many organizations is consumed with repetitive data mining tasks to take unstructured data and prepare it for analysis and reporting," said Dynamic Risk's Senior Vice President of Technology, Darren Shearer. "This challenge is about eliminating that unsatisfying work and freeing up the great minds in our organizations to interpret and problem solve."

The Dynamic Risk Cognitive Computing Challenge invites submissions from teams up to December 31, 2015. Submissions will be judged in January 2016.

About Dynamic Risk
Headquartered in Calgary with offices in Sault Ste. Marie, Boston and Houston, Dynamic Risk is North America's leading integrity management solution provider. By combining engineering and technology, Dynamic Risk helps pipeline companies comply with regulations, optimize assets and maintenance activities, and protect investments to ensure safe, reliable, and efficient operation. From gathering systems, midstream pipelines, transmission pipelines and distribution networks, Dynamic Risk is the only company to effectively utilize both qualitative and quantitative risk analysis across the energy supply chain.

About HeroX
Founded in 2013, HeroX exists at the intersection of crowdsourcing, competition and collaboration, using each to drive positive change. A suite of tools and services to help spark and build awareness for new solutions to social and economic challenges, the HeroX incentive prize platform connects funding companies and individuals with problem solvers.
Twitter: @Iamherox

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