Name: Octeract

Legal Name: Octeract Limited

Location: London, UK

Founded: 2017

Founders: Gabriel Lau and Nikos Kazazakis

Website: https://octeract.com/ 

Social Media Following: 115 followers on LinkedIn 

Introduction

Octeract develops massively parallel deterministic global optimization software. The London-based company’s innovative software finds global solutions to large-scale, non-linear optimization problems that were previously considered impossible to solve. The company was founded on the premise that optimization is extremely powerful, but unnecessarily complicated. The founders believe that users need to know and do much more than just write a correct model: they need to write code, understand complicated data structures and interfaces in C, deal with edge cases, etc. 

The Product

The company has two upcoming products: The Octeract Engine is a unique, massively parallel deterministic global optimization engine and the Octeract Reformulator is a powerful tool for symbolic manipulation. 

With its proprietary solutions, the company aims to further empower engineers and scientists all over the world by giving them access to modern and advanced tools for addressing large-scale, global problems. 

Origin and Founding Team

Nikos Kazazakis is the CEO & Co-founder of Octeract. He holds a Ph.D. Global Deterministic Optimization from Imperial College London. 

Gabriel Lau, the co-founder and CTO, is a graduate from Imperial College London with a Master’s degree and a Ph.D. in Physics, Chemistry, and Chemical Engineering. He has previously worked at Entrepreneur First and Flex Trade. 

The post Octeract – Developing optimization solutions for global problem-solving appeared first on Techweek.

Legal: UnionCrate, Inc

Location: Greater New York Area, New York

Founded: July 1, 2016

Founder(s): James Amable, Shastri Mahadeo

Website: https://unioncrate.com/

Social Media Following: Twitter – 57, LinkedIn – 65

INDUSTRY – SaaS Industry

Size: $50B (2018)

Projections: $76B by 2020 (Source: “SaaS Industry Market Report: Key Global Trends & Growth Forecasts”)

Introduction

Union Crate is a self-described supply chain centralization platform, helping businesses plan and deliver goods in the most efficient way possible by utilizing AI technology and data analytics. The idea is simple: The United States wastes around 140 billion pounds of food a year, and the reason for this is poor organization. Restaurants and food service providers are responsible for a lot of this waste, which is not only an environmental problem but a huge waste of money. By accurately gauging exactly how much perishable supply will be needed and identifying exactly when it should be delivered, Union Crate claims to save businesses a huge amount of money that otherwise would be lost due to bad calculations and inaccurate guesswork. Union Crate, therefore, uses AI to optimize supplies to save businesses time and money.

Features

Union Crate claims to have created an intelligent platform specifically designed to eliminate the wastefulness and inefficiency of an archaic consumer goods industry. Union Crate’s services can be organized into two feature programs: Almanac, and Stargate. Almanac is a program used to accurately gauge future consumer demands, using machine learning and data analysis. The company claims that clients have seen an uptick of 37% in prediction accuracy as a result, leading to a 12% reduction in working capital. Stargate, meanwhile, is a program that seeks to manage and integrate complex supply chains into a streamlined and automated system. The company claims that this program leads to a reduction of 50% in time spent on managing operations, giving more time to focus on company growth instead of function.

The company website offers businesses an exhaustive list of features, ranging from various forms of sales predictions, distribution forecasts, manufacturing and inventory needs. Each factor the company gives a range of how far into the future the program can accurately assess. Union Crate offers both the Almanac and Stargate features, which can be purchased separately depending on the focus of the management. Depending on the size of the enterprise different features are offered, tailored to that organizational size’s requirements.

Origin

Union Crate was co-founded in 2016 by James Amable and Shashtri Mahadeo. Before co-founding Union Crate, Amable worked in various tech and finance positions, first as a software engineer consultant for finance companies, then as an engineer for finance software Ullink. Mahadeo, meanwhile, has a background in the restaurant industry, founding several food and entertainment companies–Aura Nightclub and Restaurant, Big Bites Restaurant, Bare Tea Company–before co-founding Union Crate.

Funding and Clientele

Union Crate is funded by thirteen investors, ranging from three angel investors to a number of venture capital groups. The company has worked with businesses such as La Colombe coffee, Jake Leaf Matcha, KraftHeinz, Tula Skincare and Momeez Choice.

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