SpaceTime Insight, a US-based industrial internet-of-things (IoT) technology developer backed by energy utility Eon and IT services provider NEC Corporation, was acquired by communications technology producer Nokia for an undisclosed amount yesterday.
Founded in 2008, SpaceTime Insight has developed a real-time visual analytics platform that relies on machine learning and industrial IoT applications to automate the optimisation of physical assets and predict asset failure across large networks.
Nokia expects the acquisition to strengthen its IoT software and analytics offering and enable it to enter verticals such as energy, logistics, transportation and utilities.
SpaceTime Insight’s staff and chief executive Rob Schilling will join the IoT product unit of the Nokia Software business group.
SpaceTime raised $8m in funding from Eon and NEC in 2015, after Zouk Capital, Opus Capital Ventures, EnerTech Capital and Novus Energy Partners had provided $20m in series C funding in 2013.
Opus, Start Up Farms International, EnerTech, Novus and ClearSky Power and Technology Fund had supplied $14m in series B capital for the company in 2012, following a series A round of undisclosed size provided by Opus in 2009.
Bhaskar Gorti, president of Nokia Software, said: “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.
“Together, we can empower customers to realise the full value of their people, processes and assets, and enable them to deliver rich, world-class digital experiences.”