aBOUT KOAN ANALYTICS
The old adage: “we are an overnight success, thirty years in the making”, certainly applies to us. Our Founders all grew up in the early days of the digital age, and our careers have been widely influenced by the rapid revolution of digital technology.
Though our experience and expertise is slightly different, we share the same common thread related to the impact computers and the digital age have had in transforming traditional businesses. We are helping to spawn new fields of business and technology, fuelled by these profound changes.
In 2017, we decided to combine our talents, particularly related to machine learning, applied mathematics and graphic visualization into a new company called Koan Analytics. We knew there was a need for the types of machine learning and predictive analytics we know how to develop. In our first 12 months, we developed a number of solutions across a variety of industries—from flood prediction/monitoring systems to a diabetes management system.
In early 2018, we entered the unearthed hack-athon sponsored by Barrick Gold. The challenge was straight forward:
“We (Barrick) do not have a comprehensive solution for mapping out and investigating the latest results and information for areas of specific interest. The goal is to create a solution that aggregates and posts the latest data within defined areas of interest for Barrick exploration so that we can be first movers on the best opportunities in favoured jurisdictions.”
We entered the challenge and won first prize, with our solution being voted substantially better than the competition in terms of both its predictive analytics and visualization capabilities. The result—we entered into a commercial agreement with Barrick to develop a more refined production level platform.
Cash Positive/Zero Debt Since Day One
Since signing on with Barrick, Koan has been incredibly fortunate to work with both Newmont and Newcrest in building out and completing the development of our analytics platform. To that point, no Company had developed an end-to-end analytic solution for resource exploration. While we still have new areas of development to build related to resource exploration, we are also looking to take the foundations of our platform and expand out into ESG, remote sensing as well as broader government and natural resources analytics.
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