Steelmaker ArcelorMittal has selected Iris.ai to leverage its AI to advance its use of scientific research. The collaboration will focus on automating some of the former’s R&D processes and reducing patent research time by efficiently extracting and transforming experiment data.
ArcelorMittal, a Fortune Global 500 company, is a leading steel firm with a presence in more than 60 countries. It relies on its R&D function to enhance manufacturing, deliver sustainability commitments, and transform into an AI-focused company. The patent team, a part of its R&D, undertakes ongoing competitive research to identify gaps in the market and provide patentable solutions for potential infringements.
Sophie Plaisant, head of Intellectual Property for ArcelorMittal, said, “At ArcelorMittal, we are constantly looking for ways to optimize our R&D processes, and this is what brought us to Iris.ai. Integrating the Extract tool into our process has made the ingestion and processing of external data significantly easier.”
Read More: Vetted lands $14M series A funding for its AI-powered platform for products and deals
However, searching and extracting such data takes a lot of unskilled manual labor time from the skilled employees. After collaborating with Iris.ai, this information can be extracted in a few minutes. Iris.ai’s extraction tool offers 94% precision, estimated via a self-assessment module. The tool can assess its results, giving researchers a good confidence level.
Iris.ai’s extraction tool utilizes natural language processing (NLP) and machine learning (ML) to retrieve domain-specific elements from the data. This data can be entered into an Excel sheet, integrated lab tools, databases, etc.
Anita Schjoll Brede, CEO, and co-founder of Iris.ai, said, “Countless hours are being invested in corporate R&D functions around the world manually extracting data from tables. With our Extract tool, it’s possible to automate this manual work to free up time so researchers can focus on carrying out valuable research.”