STC INSISO has acquired rights to a “revolutionary” artificial intelligence (AI) product developed with Lloyds Register and currently being piloted by Coca Cola.
The Aberdeen-based performance improvement firm STC INSISO said it secured COMET Signals – an AI-driven tool that scans HSE data for insights – for an undisclosed amount.
The system applies machine learning to large unstructured health and safety datasets, providing clients with insights that may not be immediately apparent. The analysis pulls on data including safety observations and incident reports to identify trends, commonality and help predict any root causes with the potential to cause future incidents.
The tool was co-developed by STC INSISO and Lloyds Register, a classification and advisory group to the marine and offshore industry, though will now be solely owned by STC.
The firm said the acquisition will support its “ambitious product roadmap” to build out a series of new features and improvements, though it will also continue to work with Lloyd’s Register to support clients.
Following the acquisition, COMET Signals will move into the company’s flagship COMET safety performance system, a collective suite of tools to support businesses improve performance through root cause learning.
COMET Signals is currently in the commercial pilot stage with a number of global companies including Coca Cola, Network Rail and McDermott. The technology has been deployed across the organisations, to enable them to manage and analyse all leading and lagging indicator data using one platform.
STC chief executive Mark Rushton said the deal was “a truly exciting development” for the business.
“Having full ownership and control of the COMET Signals product allows us to surge forward with our ambitious plans to further develop the tool. We will continue to diversify, growing early progress in the rail, construction, marine and retail industries with a further push into the oil and gas, renewables, and utility sectors.”
He stressed the deal was “absolutely not the end” of the firm’s partnership and collaboration with the marine advisory group, instead “quite the opposite.”
“It is about new ways of working to ensure both businesses are creating most value add to the industries we support.”
It follows the company’s “strong first year” in the wake of its formation in 2021 through a merger of performance improvement specialist STC Global and software development services company Insiso.