ABB invests in edge-to-cloud platform innovator Pratexo

ABB has strategically joined forces with Pratexo, a company specializing in accelerating edge-to-cloud technology. This partnership entails a minority investment in Pratexo through ABB Technology Ventures (ATV), ABB's venture capital unit. Specific financial details regarding the investment remain undisclosed.

Pratexo's technological platform is geared towards facilitating IoT and artificial intelligence endeavors that require substantial edge-based computing power. The company's technology expedites the establishment of systems capable of processing vast volumes of data originating from IoT sensors. These systems also execute advanced analytics in real-time, situated in proximity to the device's location, rather than relying on cloud infrastructure.

Leveraging Pratexo's flagship no-code development platform, Pratexo Studio, ABB's Electrification Service aims to accelerate and transform the design of edge-to-cloud digital solutions. This innovation empowers customers to enhance decision-making for future operations.

Through collaboration with Pratexo, ABB customers can implement networks and solution frameworks rooted in edge technology. These architectures provide immediate insights, along with the added advantages of reduced cloud data transfers, heightened data privacy and security, and offline operability.

A notable application involves tailormade, decentralized software solutions enabling distribution grid operators to real-time manage, monitor, and assess electrical systems. This approach aids in identifying potential causes of machine faults and optimizing responses at a local level, adapting to rapidly shifting circumstances, such as changes in power availability and consumption.

Stuart Thompson, President of ABB's Electrification Service Division, stated, "We are well-positioned to assist customers in their digital transformation journey, regardless of their current stage. Our collaboration with innovative startups like Pratexo enhances our technological capabilities, delivering improved business outcomes aligned with Industry 4.0."

Blaine Mathieu, CEO of Pratexo, explained that the trajectory of computing is moving towards a hybrid edge-to-cloud paradigm, with the right computational tasks executed at the appropriate location and level. The partnership with ABB is set to expedite and enable this transition.

Pratexo, a member of ABB SynerLeap innovation growth hub, previously won ABB Electrification's 2022 Startup Challenge. This global competition seeks pioneering concepts fostering safe, intelligent, and sustainable electrification.

Mads Moeller, Head of ABB Technology Ventures for Electrification, highlighted the shift from centralized cloud to edge and micro cloud-based IoT solutions due to escalating concerns about IT security and privacy. The partnership accelerates software technology development, enabling ABB's customers to conduct real-time analysis for electrical faults, thereby enhancing operational efficiency.

This partnership marks ABB's sixth venture capital investment in 2023, contributing to the expansion of the company's innovation ecosystem focused on decarbonization solutions. Since its establishment in 2009, ABB's venture capital unit ATV has invested approximately $300 million in startups aligned with its electrification, robotics, automation, and motion portfolio.

Source:new.abb.com