ABB has announced it is investing in a partnership with edge-to-cloud acceleration platform Pratexo.
Although financial details of the investment were not disclosed, the company revealed that the partnership involves a minority investment in Pratexo through ABB’s venture capital unit, ABB Technology Ventures (ATV).
Pratexo’s technology platform supports IoT and artificial intelligence initiatives which utilizes compute power at the edge.
Additionally, ABB’s Electrification Service will leverage Pratexo’s no-code development platform, Pratexo Studio, to evolve how edge-to-cloud digital solutions are designed for customers.
In a recent announcement, the company says the collaboration with Pratexo will help ABB’s customers deploy edge-based networks and solution architectures that provide real time insights, reduced cloud data transfer volumes, and improved data privacy and security.
“We are in a unique position to support customers in their digital transformation regardless of what stage they are at. Investing in and partnering with innovative startups like Pratexo advances our technological services capabilities to provide enhanced industry 4.0 business outcomes to our customers,” says Stuart Thompson, President of ABB’s electrification service division.
“With the open technology stack from Pratexo, we can deploy and scale the transition seamlessly, securely and in a bespoke manner.”
The partnership is ABB’s sixth venture capital investment of 2023 and since its formation in 2009, ABB’s venture capital unit ATV has invested around $300 million into startups in the electrification, robotics, automation and motion sector.
“The last 20 years of IT have been mostly about centralizing computing into the cloud. The next 10 will be about balancing that with a hybrid edge-to-cloud approach – doing the right compute at the right place and at the right level. Our close collaboration with ABB will further enable and accelerate that transition,” adds Blaine Mathieu, CEO of Pratexo.
Pratexo was also one of three winners of ABB Electrification’s 2022 Startup Challenge, a global competition for innovators to develop concepts that support the world’s shift towards electrification.
“With the increased focus on IT security and privacy, companies are moving away from centralized cloud to edge and micro cloud based IoT solutions to retain resilience, flexibility and scalability,” says Mads Moeller, head of ABB technology ventures for electrification.
“This partnership will fast-track the development of software technology for ABB’s customers to perform real-time, causal analysis for electrical faults, allowing for improved operations.”
ABB | artificial intelligence | edge-to-cloud | IoT | Pratexo