🌟 Patent of the Week: ParametricAI Predictive Analytics Software
Waterloo’s Breakthrough in Predictive Analytics
What’s the Big Idea?
Researchers at the University of Waterloo have developed ParametricAI, a cutting-edge predictive analytics software. This novel technology analyzes large sets of discrete data aggregated as a time sequence of histograms and accurately predicts how the sequence responds to extraneous factors for forecasting purposes. The software supports Bayesian-based artificial intelligence algorithms, particularly for estimating conditional probabilities arising from extreme events. Unlike current tools, ParametricAI addresses the inconsistencies and oversimplifications in existing methodologies, providing more accurate forecasts.
Why It Matters
ParametricAI can revolutionize industries that rely heavily on predictive analytics. By maximizing the utility of historical data and accurately tracking the probability of extreme outliers, this technology enhances strategic planning and operations. It offers significant benefits for the insurance industry by minimizing the need for manual audits and detecting fraudulent activities with high accuracy. Additionally, ParametricAI’s insights can improve customer analytics in the e-commerce industry, optimize supply chains, and aid in high-frequency trading within the fin-tech sector.
Stage of Development
This technology is currently in the prototype stage and has been validated in a water demand use case. Researchers are looking for industry partners to further validate the results and explore broader applications.
Interested?
For more details or to explore licensing opportunities, please contact Waterloo’s Commercialization Office.
The Details
Patent Status: Issued US 10/977,336, Canadian patent pending
Reference: ExploreIP Tech Page
About the artist
Omyo Cho, a South Korean artist born in 1984, is gaining recognition for her unique blend of science fiction storytelling and sculptural works.