Media company Bloomberg exited US-based big data platform developer Arimo yesterday in an acquisition of undisclosed size by electronic goods manufacturer Panasonic.
Although the companies did not reveal the amount Panasonic paid for Arimo, Nikkei reported last week the size of the deal would be an eight-figure dollar sum.
Founded in 2013, Arimo has developed a behavioural artificial intelligence (AI) platform that makes it easier for business users to understand and use big data while still allowing data scientists to work with more complex information and build applications on top of that data.
Panasonic plans to use the company’s data science knowledge to improve its business-to-business (B2B) offering, and in particular the Panasonic Digital Platform, which aggregates sensor data for factory, housing, cold-chain and heating, ventilation and air conditioning products.
Bloomberg participated in Arimo’s $13m series A round in 2014 through its corporate venturing arm, Bloomberg Beta, investing together with venture capital firms Andreessen Horowitz, which led the round, and Lightspeed Venture Partners.
Yoshiyuki Miyabe, Panasonic’s chief technology officer, said: “The acquisition of Arimo provides Panasonic with a much-needed core data science element that will greatly reinforce our efforts to continue developing further sophisticated AI-based solutions for our B2B customers.
“We are very pleased to have Arimo founder Christopher Nguyen and his team of data scientists join us in this mission.”