LogiLube LLC, a Laramie-based technology company that specializes in intelligent machine health condition monitoring, is the latest startup company to graduate from the University of Wyoming’s business incubator, the Wyoming Technology Business Center (WTBC).
The company was created in July 2013 in the WTBC and has recently relocated to an Albany County-owned facility now that the company has outgrown its space at the incubator, says Jon Benson, WTBC CEO. Currently at 10 employees, the company has plans to grow to 17 by the end of the year.
“They have done a great job building a Wyoming company,” says Bill Gern, UW vice president for research and economic development. “LogiLube has gone to great lengths to hire Wyoming natives and UW graduates, and keep them here in the state. Beginning with their first employee, LogiLube has tapped UW’s engineering and computer science departments for interns who have been hired on as full-time employees.”
The new location also will allow the company to manufacture its “SmartOil” machine condition-monitoring system in Laramie, along with other products from the company’s suite of “Smart” products.
“Since LogiLube moved into the WTBC, they have done the right thing, which is to focus on a problem rather than a single product,” Benson says. “They have developed a product ecosystem that is very compelling to energy producers here in Wyoming and beyond, because it addresses so many issues.”
The company is the ninth to graduate from the WTBC. Others are Falcon Computers, Firehole Composites, Happy Jack Software, Medicine Bow Technologies, Bright Agrotech, Analogic Engineering, Z4 Energy and Project Guide Services.
Administered by the UW Office of Research and Economic Development, the WTBC is a business development program whose main activity is a business incubator that provides entrepreneurs with the expertise, networks and tools necessary for success. The WTBC’s main office is on the UW campus, with other incubators located in Casper and Sheridan.
The incubators provide access to office space, shared services and business management advice to help entrepreneurs grow their businesses faster and stronger than they would otherwise.
LogiLube’s core products allow its customers to monitor the condition of their machinery remotely and in real time. The “SmartOil” system continuously measures key parameters of lubrication oil, applying custom-developed algorithms through “edge analytics” to determine dangerous conditions that could cause a potentially costly catastrophic failure.
“Imagine an energy producer had a large engine-driven compressor system that was helping them produce natural gas. This engine is helping the company make money and be successful,” Benson says. “What the ‘SmartOil’ system does is allow that producer to know that there is an issue with the engine before it stops making them money. Hopefully, the producer can resolve the issue while it is still small in scale and prevent costly repairs and down time.”
While the company has targeted the oil and gas industry in Wyoming as an initial market, LogiLube has entered Colorado and Texas, securing several new midstream natural gas processing customers. The incubator graduate company also has entered the wind power generation market with its newest product, “SmartGear,” pursuing developing opportunities in the Chokecherry and Sierra Madre wind farm in Carbon County.
For more information, call the WTBC office at (307) 766-6395 or email WTBC@uwyo.edu.