Artificial Intelligence (AI)-driven business application developer, Novi Labs launches its Novi Model Engine software. The energy focused, machine learning(ML) platform will enable operators and investors to make use of AI-driven digital workflows by comprising the Data Engine, Model Engine, and Forecast Engine. The new capability will enable organizations and investors to make accurate investment decisions.
Ted Cross, Director of Products at Novi Labs, stated that “Customers can now control every aspect of building machine learning models to increase their productivity. From merging proprietary and public data, filtering data sets, building a model with the variables they believe provide the most signal to running thousands of forecasts. Leveraging a fully self-service platform allows our customers to complete data to decision workflows in a matter of minutes or hours versus weeks and months.”
Users will be able to integrate organizational and public data using the Novi Model EngineTM. Apart from that, it also provides facilities such as selection of model features and model parameter configuration such as targets, training, and intervals. The platform also aids in building machine learning models using the cloud-compute system of Novi. Examination of model outputs can be done using the platform to validate the models and aid in workflow forecasting by developing models.
The platform, which is backed by ShaleProfile’s data source, replaces the existing methods of A&D evaluation, asset evaluation, and energy investment analysis. Novi provides self-service software, machine learning, and interactive models based on the most accurate, up-to-date, and full data available through ML models and ShareProfile data.
“We have utilized the Novi technology over the past few years to rapidly analyze acquisition opportunities and optimize our drilling program. Novi’s software & data platform has allowed our team to exponentially increase our efficiency and make higher-quality capital allocation decisions. We look forward to utilizing Novi’s Model Engine and self-service platform to increase the value of our Novi investment.” Commented, Ian Yingling, CEO of Black Swan Oil & Gas.