After being recently awarded with Shell Innovation Challenge, PhDsoft and its Digital Twin technology has just won a new prize. This time, it was the 1st prize in InnoSTARS Competition, in Shenyang, China.
The company won the Competition on September 20 after a fierce preliminary competition with nearly 1,000 companies and makers from the United States. PhDsoft presented its Digital Twin solution for process plant integrity management, in the oil and gas sector, with real-time data acquisition. This technology is a virtual model of physical assets or industrial processes that continuously learn and provide data.
The InnoSTARS Competition is a platform for innovative U.S. companies to compete and connect with investors and partners from China. Only those who succeed the preliminary competition, in the U.S., get a chance to travel to China to pitch their business and make international connections while getting real feedback in highly sought-after Chinese innovation hubs.
Focusing on the theme of smart manufacturing, each team expounded its innovative ideas and entrepreneurial ideas for project overview, industry status, market expectations, competitors, business models, risk response and entrepreneurial teams.
After the game, representatives of investment institutions, technology service organizations and other related companies communicated with the players, negotiated on specific production and development needs, and explored cooperation matters such as cooperative R&D, technology application and equity investment.