Hyderabad: T-Hub, which leads India’s pioneering innovation ecosystem that powers next-generation products and new business models and Raytheon Technologies (NYSE: RTX), a global aerospace and defence company, on Friday, announced three finalists for a challenge the companies are running to develop a tool to improve how Raytheon Technologies assesses required aircraft engine repairs.
Startups across the globe were invited to compete under two technology use cases: one in predictive analytics and one in computer vision, T-Hub said in a release here.
Out of the 70 startups applications received across 14 countries, T-Hub and Raytheon Technologies shortlisted three companies for the Computer Vision challenge.
Each received grant funding from RTX to build a Proof of Concept (PoC).
In a virtual demo day that happened in Summer 2020, the three finalists showcased their innovative products, solutions, and PoCs to T-Hub and Raytheon Technologies.
Ultimately, Raytheon Technologies is seeking a system that will improve and automate how the company inspects leased aircraft engines using computer vision and machine learning.
In a statement, T-Hub CEO and Telangana state Chief Innovation Officer, Ravi Narayan, said, “During a global crisis, when all sectors face unprecedented challenges, the aviation sector is rapidly changing how it manages products, services, and operations. The pandemic has presented massive growth opportunities for startups.
To reap the right rewards, corporates and startups must collaborate to meet the demand-supply conundrum, he said.
Through the RTX challenge, in partnership with Raytheon Technologies, we have accelerated the best solutions that speed up the inspection process and enhance quality. This challenge has also laid a fertile ground for startups that are driving innovation in the aviation industry, he added
“We’re always looking for new ways to improve efficiency and ultimately lower costs for our customers,” said Limor Spector, Raytheon Technologies’ Executive Director for Ventures & Alliances and Executive Director for Business Processes.
These startups are developing some of the best technology on the market today, and partnering with them will allow us to drive down costs while giving users even more insight into our engines, Limor added.
The three finalists are -Awiros is a visual intelligence platform company based in Delhi; Utvyakta Solutions is an Industrial Internet of Things (IoT) system integrator specialising in predictive maintenance and quality inspection and PRENAV develops software and systems to digitize and visually inspect industrial assets.