Artificial Intelligence: Arcelor Mittal Will Use The Iris.ai Platform To Keep On Top Of Patent Research

August 3, 2022 | Artificial Intelligence, News
https://dailyalts.com/wp-content/uploads/2022/08/mmp_5058.jpg

Arcelor Mittal is a Fortune Global 500 company, and the leader in all major global steel markets.

Arcelor Mittal (AMS: MT) has a patents team housed inside its R&D Department that carries out ongoing competitive analysis to identify market gaps and patentable solutions as well as monitoring for potential patent infringements. Manually searching and extracting experiment data from documents is a time-consuming and laborious task that can consume around two and a half hours per patent. The steel-maker can slash this to a few minutes using Iris.ai’s Extract tool which has 94% precision, and compares favourably with human extraction precision. (The Manufacturer)

Arcelor Mittal and patent information

The company’s patent team is responsible for searching and the extraction of detailed obfuscated experiment data for use in the development of products, processes, and new formulations of compounds, as well as keeping the company’s operational team abreast of the latest scientific developments.

Accordingly, such patent research and data extraction work is integral to the R&D process at Arcellor Mittal, though it is, unfortunately, unskilled manual work that takes a significant amount of time away from skilled employees.

The use of Iris.ai’s extraction tool dramatically reduces the time and effort required, however. The tool uses Natural Language Processing and Machine Learning to identify all appropriate domain-specific entities in the research. The tool locates and extracts data from both tables and text in a machine-readable format. This data is then inserted in an excel sheet, an integrated lab tool, a database, or anywhere else researchers require.

“Integrating the Extract tool into our process has made the ingestion and processing of external data significantly easier,” said Sophie Plaisant, Head of the Intellectual Property for ArcelorMittal. “It has cut weeks and, in some cases, months out of our research and development timelines and gives us the capacity to review more patents.”

Related Story: Siemens And NVIDIA To Jointly Create “Industrial Metaverse” Using AI

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/08/logo-ripple.jpg
Digital Assets: Ripple Labs Eyeing Pieces Of Celsius In Bankruptcy Wreckage
August 10, 2022     Digital Assets, News

Ripple Labs, the blockchain payments company that created the XRP cryptocurrency, is interested in purchasing assets of Celsius Network, the crypto lender that was forced into bankruptcy amidst the meltdown…

https://dailyalts.com/wp-content/uploads/2022/08/Nuri.png
FinTech: German Bank Nuri Files For Insolvency Amidst Macro Environment And Crypto Bear Market
August 10, 2022     Digital Assets, FinTech, News

Nuri, a digital banking platform and app, offered users crypto transactions as well as normal banking activities including a debit card. The firm announced it had filed for insolvency on…

https://dailyalts.com/wp-content/uploads/2022/08/TX-SCARA_Press_1-1-1-1030x644-1.jpg
Artificial Intelligence: AI Robot TX SCARA To Debut In 300 FamilyMart Stores In Japan
August 10, 2022     Artificial Intelligence, Latest News, News

Telexistence Inc., the Japanese robotics company, announced the launch of its TX SCARA restocking robots in 300 FamilyMart convenience stores in Japan later this month as part of its AI-based…

https://dailyalts.com/wp-content/uploads/2022/08/Coinbase-Mobile-–-Splash.png
Alternative Investments/Digital: GraniteShares Launches The First Coinbase Leveraged ETF
August 10, 2022     Alternative Investments, News

US ETF issuer GraniteShares, which first launched leveraged ETFs on single stocks in the UK in 2019, and now offers 106 such products across Europe, has listed a suite of…