Momenta boosts digital industry focus with Chakra acquisition
Momenta, a consultancy and venture capital firm focused on digital industry, has announced the acquisition of Chakra, an outcome-based digital transformation advisory firm in Seattle, Washington. Founded in 2019 by Luke Smaul, the team provides global digital transformation projects for Fortune 100 companies, including GE Digital.
“We’ve been impressed with the impact of Chakra’s team and tools on the digital transformation of industrial clients,” said Doug Harp, a managing partner at Momenta. “We believe this best-practice-based industry transformation capability complements Momenta’s position.”
Chakra uses a 4-pillar transformation framework to merge the digital world with the industrial one. Momenta says that manufacturing companies need help identifying ROI and scalable digital solutions, resulting in inadequate traditional digital advisory offerings not tailored to industrial needs.
Luke Smaul, the founder of Chakra, added, “We have been long-time fans of Momenta’s Digital Industry focus and deep practitioner team, including many of our GE Digital alumni. When considering how to scale our business, we couldn’t think of a better home than making Chakra part of Momenta.”
In 2020, Momenta completed a funding round for Maine-based industrial software company HighByte. This venture aimed to tackle the obstacles faced in industry 4.0 data architecture and security. HighByte attained a pre-seed round of funding that included $625K in convertible debt and an extra $250K long-term, low-interest loan from the Maine Technology Institute.
The executive team of Kepware, an industrial automation and IoT software developer acquired by PTC in 2016, established HighByte.
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Chakra | consulting | digital industry | GE | Industry 4.0 | Momenta Ventures | venture capital