Is it possible to convert single phase power to three phase power?

Yes, there are converters. The two basic types are "static" and "rotary". Static are lower in cost, but only are able to power the machine at 2/3 the rated power. For example a 10 hp connected to a static converter runs at 6.6 hp. A rotary converter will provide full hp, but is more expensive. For example a static converter for a 10 hp is about $225 (at the time I'm writing this), and a rotary, which needs to be up-sized so in a 15hp size is about $945.  This is the brand I've used and liked.