PRESS RELEASE for immediate distribution
Brussels, Bratislava, 19 September 2017 – Tangent Works, a Brussels and Bratislava-based machine learning company, has been top-ranked in an international competition with their TIM technology. TIM (Tangent Information Modeler) is a technology used to automate the model building process for time-series related predictive analytics scenarios, resulting in a “no human intervention” modelling. It allows the model building to be reduced from days and weeks of costly engineering to seconds of computing time at a fraction of the cost.
Tangent Works was one of three worldwide final match winners at GEFCom2017, the Global Energy Forecasting Competition. At the GEFCom2017 competition, 177 teams were registered, with only 73 of those teams producing results. The TIM technology proved that it can compete with—and surpass— some of the best energy forecasting academic teams in the world. This result has been achieved by a commercial product that can be used out of the box by any customer, whereas most of the other contenders were teams data scientists competing with hand-tuned eight single purpose build models.
GEFCom2017 took place in two phases over the course of six months, with a theme this year of “hierarchical probabilistic load forecasting”. The final round of GEFCom2017 was a hierarchical large-scale forecasting problem consisting of approximately 160 delivery points. TIM generated an individual model for each time-series and ranked second in overall performance.
TIM opens the door to large-scale forecasting systems, allowing the use of predictive modeling in business scenarios not possible to date. Tangent Works developed the technology together with prototype clients and managed to build a first customer portfolio in its first vertical, the energy market. TIM allows for load, price, wind, and solar asset forecasting in high volumes, while attaining fast, accurate, and cost-efficient results.
For more information on methodology and how these results were achieved, please visit https://www.tangent.works/gefcom.
For more information on GEFCom20217, please visit https://www.ieee-pes.org/ieee-pes-announces-the-winning-teams-for-the-global-energy-forecasting-competition-2017.
About Tangent Works:
Tangent Works is a European machine learning company providing the next generation of prediction solutions for businesses by automating the predictive model building process. With its breakthrough solution, TIM, companies can now generate accurate predictive models for time series analysis in seconds, fully automatic, as a transparent formula providing useful insights about the dynamics hidden in the data. TIM eliminates the data science skills burden, and is extremely efficient on computing time which allows machine learning solutions to be executed directly on a device. The core of the technology is applicable for a variety of advanced analytics challenges such as time series analysis, complex pattern recognition, anomaly detection and classification. Tangent Works was initiated in 2013 by four experienced partners, combining advanced machine learning knowledge, software product development, and years of international marketing & sales development in high tech environments. The company employs 15 specialists in offices in Belgium and Slovakia.
Sales & Technical contact:
Milan Garbiar, COO
Tel. +421 907 848 908
Henk De Metsenaere, CEO
Tel. +32 475 72 17 07