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A German startup is working on a data based model for predicting gas prices

The Garching based deep tech startup OmegaLambdaTec GmbH secured the win of the category Natural Gas Price Prediction at the Data Hub Ruhr Challenge. In the overall standings of the competition the team reached the second place. OmegaLambdaTec impressed with its intelligent data based solution for the reliable prediction of gas prices.

The program Data Hub Challenge is part of an initiative of the Gründerallianz Ruhr. The goal of the Data Hub is to drive data-driven innovation by connecting deep tech startups with experienced companies. In a three month program, teams from different technological disciplines worked together to generate solutions for different topics. OmegaLambdaTec entered the Natural Gas Price Prediction category. The challenge was to develop a data based model for predicting gas prices.

How They Won The Prize

The OmegaLambdaTec team came out on top with their solution and decided the category for themselves. In the overall standings, the team secured second place among 146 competitors from 32 countries. Thus, the startup won a professional coaching worth 10,000 euros and 3,000 euros in prize money. There is also the prospect of turning the project into a viable product in the near future.

The key benefit of the OmegaLambdaTec solution, according to the jury’s feedback, was the great business potential. “Above all, the scalability of the solution is suitable for adaptation to other areas,” explains Dr. med. Bhaskar Agarwal of OmegaLambdaTec. The astrophysicist played a leading role in the development. In the project, he was able to bring his strengths in efficient data exploration, recognition of relations in seemingly uncorrelated data, multivariate data analysis and visualization of the results. There was also special praise for the scientific depth of the work.

OmegaLambdaTec demonstrated the great benefits of Data Science for utilities with its outstanding competitive performance. In addition, participation in the Ruhr Data Hub Challenge made it possible to establish trusting relationships with the participating companies.

“We can continue to benefit from networking in the Ruhr ecosystem in the future,” explains OmegaLambdaTec founder Dr. Ing. Rene Fassbender the additional profit of participation. Their next goal is the transformation of the solution from the project into a product.

About OmegaLambdaTec GmbH For Data Science Services

OmegaLambdaTec GmbH for Data Science Services was founded in 2015 by Dr. med. Rene Fassbender at gate Garching was founded with the mission to offer business customers the best possible tailor-made physical analytics and AI or Data Science solutions. The basis for this is the transfer of research from state of the art physical analytics methods from data-driven astrophysics to other fields of application and industries.

Published inStartups

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