Paradyn Systems expands following accelerator success
Originally published by METS Ignited, January 2019
In 2017, Paradyn Systems was the odd one out. The Melbourne-based software company was the only company outside of Queensland chosen for the Igniting METS pilot accelerator in Brisbane.
This proved no obstacle for Managing Director Dr James Whitacre, who has since gone on to open a new office in the Sunshine State to build on existing business in 2017.
About Paradyn Systems
Paradyn Systems has developed mathematical optimisation and artificial intelligence algorithms to efficiently, effectively, and robustly optimise mining value chains.
Paradyn Systems enables mining companies to derive maximum efficiency and value from their operations, across the industry sectors of coal, iron ore, other metals and mineral sands.
In late 2018, Paradyn Systems partnered with Datamine to deliver the BlendOpt solution to the global mining industry.
By combining BlendOpt with Datamine’s leading tools for pit optimisation, mine design and detailed mine scheduling, mine operators can ensure the value captured in the mine plan is delivered throughout the downstream material handling process.
Revenue improvements of $10-50M are achievable for most typical medium sized mines through the optimisation of product blend and material handling logistics.
Delivered as a cloud solution, BlendOpt models can be run on short-term through to life-of-mine optimisation problems, with results automatically collated and presented graphically with online data analytics and data visualisation tools.
Solving an industry problem
Paradyn Systems’ Commercial Director Steven Weeks said many companies in the industry relied on spreadsheets for mine and value chain optimisation, manually calculating risk. Mr Weeks said this process could take up to a week.
He said the BlendOpt app completes the task in as little as five minutes.
“The BlendOpt app frees someone from having to do the number crunching,” he said. “People can run a number of strategies through the process very quickly.”
Accelerator program boosts business
In 2017, Paradyn was one of eight companies chosen to participate in the pilot Igniting METS Accelerator in Brisbane.
Igniting METS was the first of its kind in Australia, delivering an accelerator for METS companies with innovations ready to be implemented into the mining industry.
Igniting METS was a joint initiative of METS Ignited and the Queensland Government, and operated by KPMG Energise in Brisbane. Among the eight participants were five METS companies from regional Queensland, confirming he importance of regional companies to mining innovation.
The 12-week intensive program gave participants access to deep-dive workshops, mentoring and support from industry leaders, entrepreneurs and subject matter experts delivered by the team behind the successful KPMG Energise accelerator.
They also received financial, marketing, commercial and technical advice to accelerate commercialisation of their products and services and gain additional traction in the mining sector.
“The Accelerator Program helped us identify and engage targeted market segments that have grown our customer base, but also have enabled Paradyn to demonstrate and prove out BlendOpt’s benefits across more commodities and more segments of the mining value chain,” James said.
“It’s been an exciting time at Paradyn since the Accelerator; we’ve brought on two additional data scientists, and a Commercial Director to drive and manage our partnership initiatives. Since then, interest in our offering has been phenomenal! We’ve grown our reseller, agent and partner network locally and internationally, significantly extending our reach.”
New accelerator coming in 2019
The RISE accelerator is designed for scale-ups with proven solutions to priority challenges facing the mining and energy resources sectors seeking to commercialise their products and services in the domestic and international markets.
The program provides direct access to financial, marketing, commercial and technical advice to assist in commercialising your products and services and start the process of scaling up your business to meet larger markets’ demand.
For more information visit www.riseaccelerator.org