Nokia acquires US IoT start-up SpaceTime Insight

30
cmt right
30
Comment Right
61
cmt right
10
cmt right
Printer Print Email Email


nokia officeNokia on Monday said it has acquired California-based start-up SpaceTime Insight to expand its Internet of Things (IoT) portfolio and IoT analytics capabilities.

SpaceTime Insight provides machine learning-powered analytics and IoT applications for some of the world's largest transportation, energy and utilities organizations, including Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad. 

Besides the US, the company has offices in India, Canada, UK, and Japan.

Designed specifically for asset-intensive industries, the machine learning models and other advanced analytics of SpaceTime Insight predict asset health with a high degree of accuracy and optimize related operations, thereby helping its customers cut cost and risk while increasing operational efficiencies and reducing service outages.

Without divulging the terms of the deal, Nokia said the acquisition will accelerate the development of the company's IoT offerings to deliver high-value IoT applications and services to new and existing customers.

"Adding SpaceTime to Nokia Software is a strong step forward in our strategy, and will help us deliver a new class of intelligent solutions to meet the demands of an increasingly interconnected world," Bhaskar Gorti, President of Nokia Software, said in a statement.

"Together, we can empower customers to realize the full value of their people, processes, and assets, and enable them to deliver rich, world-class digital experiences," Gorti added. 

The addition of SpaceTime Insight will also broaden the company's ability to deliver new, advanced applications for key vertical markets, including energy, logistics, transportation and utilities, the Finnish telecom equipment-maker said.

Rob Schilling, who had been CEO of "SpaceTime", will become the head of Nokia's IoT unit, TechCrunch reported.

IoT today is a fairly small part of Nokia's business, the report added.



Read more news:



Investocafe: The Fintech Start-up



PaisaDukan Secures Additional Seed Funding of USD 225K


Source: IANS
SPOTLIGHT
Career
Wiley, a global leader in research and education has announced a series of blended learning progr..
Finance
The Reserve Bank of India injected a total liquidity of Rs 2.98 lakh crore in the market in 20..
Technology
Facebook-owned messaging app WhatsApp is still developing its previously announced "Vacatio..
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will laun..
Startup City
Youth are leading India's start-up ecosystem where the median age of founder-entrepreneurs..
Gadgets
Google Pixel and OnePlus smartphones are catching up and giving stiff competition to Samsu..
Entertainment
"Game of Thrones" author George R.R. Martin doesn't want season eight to be the final chapter of "..
Business
The Pentagon has selected Microsoft and Amazon Web Services (AWS, the cloud computing arm ..
US Indian
Facebook-owned photo messaging app Instagram has launched the beta version of its in-app sh..