Nokia has acquired SpaceTime Insight, a start-up based in San Mateo, California with offices in Canada, UK, India, and Japan, specializing in IoT analytics. Financial terms were not disclosed.
SpaceTime Insight provides machine learning-powered analytics and IoT applications. Its machine learning models and other advanced analytics, designed specifically for asset-intensive industries, predict asset health with a high degree of accuracy and optimize related operations. The company said customers include some of the world's largest transportation, energy and utilities organizations, including Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad.
Nokia said the acquisition expands its Internet of Things (IoT) portfolio and IoT analytics capabilities, and accelerates the development of new IoT applications for key vertical markets.
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 realize the full value of their people, processes and assets, and enable them to deliver rich, world-class digital experiences."
