OmegaLambdaTec - Harnessing the Power of Big Data
OmegaLambdaTec, a startup that has had its office in the EU|BIC gate Garching since 2015, uses research-level data science and analytics expertise to develop new products, data-driven services or faster access to critical information and insights for companies and institutions in need of using their data more efficiently.
In the age of Big Data, one of the greatest challenges is extracting the information from large and complex data sets and turning it into valuable insights. Although data science and analytics are increasingly important, there is a lack of well-trained data scientists.
According to “Industrial Analytics 2016/2017”, 69% of the organisations state that Industrial Analytics will play a crucial role for their business success five years from now, 92% of the respondents say that data science is important or very important, but only 22% of the organisations currently have the necessary skills on board.
While vacationing at Krueger National Park in South Africa in 2014, Dr. Rene Fassbender already realized those upcoming data challenges (comparable to the billion stars in the sky), decided to do something about it and took up this opportunity, since “nobody is better prepared to fill this emerging cross-industry skill gap than highly trained data-driven research astrophysicists passionate about unveiling the secrets of the universe”.
Consequently, in February 2015 he founded OmegaLambdaTec – Data Science Service with the mission to provide high quality end-to-end data analytics support and act as data innovation enabler for customers.
Dr. Rene Fassbender
As a data-driven research astrophysicist, Dr. Rene Fassbender previously worked as a scientist at the Max-Planck-Institute for extraterrestrial Physics in Garching and at the Observatory of Rome. Returning to Munich after the last research fellowship in Italy, he took up the “startup challenge” with OmegaLambdaTec, putting together a starting team with like-minded experienced Data Scientists with the aim to turn the vast amounts of available real-world data into new innovations, insights and data-driven services. gate Garching has played a vital role as the startup homebase for OmegaLambdaTec from the very beginning, providing the necessary infrastructure and business support for the company to thrive and grow.
After the pilot and roll-out phase in the initial 1.5 years to gain first market traction, OmegaLambdaTec is currently transitioning into the growth phase. This phase is driven by a strongly rising demand for high-level Data Science support in more and more industries with exciting new fields and data-driven topics emerging. Currently OmegaLambdaTec is preparing for an ambitious growth over the next several years, which will be mainly limited by the availability of sufficient funding and generated cash flow to finance the growth.
The OmegaLambdaTec team
How does OmegaLambdaTec harness the power of Big Data?
The OmegaLambdaTec team consists of experienced Data Scientists with long research track-records in astrophysics at an international level. To gather and extract valuable insights from large data sets, the team uses the following methodology made up of nine interlinked steps along the data analysis process:
- understanding the data challenge to be analysed including the possibly complex relationships and dependencies;
- describing and modelling the problem mathematically;
- selecting appropriate statistical tools for the analysis;
- preparing and compiling the data for analysis;
- developing smart and efficient algorithms for the analysis;
- if necessary, conducting a fully automated pipeline processing of the data;
- validating and testing the results;
- displaying the data;
- interpreting the results for the clients.
Using this approach, OmegaLambaTec has been active in several industry sectors such as Smart Energy, Smart Mobility, Smart Health, Smart Factory and Smart Engineering. Besides conducting direct projects with costumers, the startup is actively involved in numerous data-driven research programs in these fields. Example applications include the development of an automated energy disaggregation solution, new services based on Smart Metering Data, holistic energy optimisations on the quarter level, improved data-driven forecasts for capacity demands for mobility providers, predictive maintenance applications for Industry 4.0 or the development of new Data Mining methods to optimize engineering processes.
Dr. Rene Fassbender started the negotiations with the gate Garching in January 2015 and very fast the deal was done. Since then, OmegaLambdaTec has received the support of the EU|BIC with coaching sessions and networking activities and has gained knowledge from the active problem and solution exchange with other startups at the incubator.
The EU|BIC gate Garching has been a member of EBN since 2008. The incubator was founded in 2002 at the university campus in Garching near Munich. The gate supports startups and young companies in the technology sector by providing office space and intensive coaching during the startup phase, currently offering more than 60 startup companies space and infrastructure for their ideas.
“The gate Garching is the perfect startup home base providing offices and infrastructure, coaching, seminars and networking, neighbours to learn from and to cooperate with, as well as talents and research institutions all around on campus.” Dr. Rene Fassbender
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