Preferred Networks Receives 1 billion Yen Investment from JXTG Holdings to Establish a Joint Research Project for Optimization and Automation in Oil Refineries.
June 25, 2019, Tokyo Japan – Preferred Networks, Inc. (PFN, Headquarters: Chiyoda-ku, Tokyo, President and CEO: Toru Nishikawa) has agreed to allocate new shares in July to JXTG Holdings, Inc. (Headquarters: Chiyoda-ku, Tokyo, Representative Director and President: Tsutomu Sugimori) and receive an investment of approximately 1 billion yen from the company.
PFN will use the raised capital to strengthen its financial base, expand computing resources, and acquire additional talent.
Leading up to this investment, PFN and JXTG Holdings’ subsidiary JXTG Nippon Oil & Energy Corporation (Headquarters: Chiyoda-ku, Tokyo, President and Representative Director Katsuyuki Ota) have launched a joint research project regarding optimization and automation in oil refineries. By leveraging PFN’s deep learning technology, the joint venture aims to automatically control and optimize large and complex plant equipment for more efficient use of energy resources. Furthermore, PFN and JXTG plan to jointly develop new materials by utilizing PFN’s materials informatics technology.
JXTG Holdings President Tsutomu Sugimori released the following statement (translated).
“It is our pleasure to enter into a capital tie-up to enhance collaboration with Preferred Networks, a company with some of the world’s most advanced deep learning technologies. Fusing PFN’s state-of-the-art deep learning technology with JXTG group’s extensive business domains will lead to creation and innovation in energy and materials. Together, we are committed to contributing to the advancement of our society and building a future full of vitality.”