Predictive analysis Startup Uptake is acquiring a company that controls large amounts of industrial data. This will enhance the company's competitiveness in digital power plants, oil wells and factories.
According to reports, Uptake is headquartered in Chicago and was founded by two co-founders of Groupon and currently has a valuation of $2.3 billion. Uptake has agreed to acquire Asset Performance Technologies (APT), headquartered in Albuquerque, for an undisclosed amount. The deal will combine Uptake's predictive analytics software and machine learning capabilities, as well as APT's world's largest database of industrial equipment failure causes.
Both companies are focused on serving sectors that operate expensive assets such as factories, construction equipment and power plants. The deal highlights how companies such as Uptake can stand out in the crowded big data platform by narrowing their focus.
Uptake began providing services to the construction giant Caterpillar and to companies such as the Berkshire Hathaway Energy Division. Uptake uses self-learning technology to help companies understand the dazzling data collected by sensors embedded in industrial equipment around the world.
APT's Asset Strategy Library has been developed for more than 20 years to help customers prevent costly downtime and repairs by identifying when equipment has failed. Uptake's machine learning technology will become smarter as more data is digested, and APT's database contains thousands of historical lessons about the causes of equipment failure.
Uptake president Ganesh Bell said that by pairing the two, Uptake believes that potential problems can be identified faster and with greater confidence. Uptake will retain APT's employees in Albuquerque and plans to expand the team to expand the database.
The purpose of APT was to help nuclear power plants operate better. The company has collected information on nearly 800 devices in power generation, mining, steelmaking and other industries, and has compiled approximately 55,000 conditions to determine when a device will fail.
Mike Guilfoyle, research director at ARC Advisory Group, said many big data companies are working hard to address the scale and complexity of the information they collect from customers in these industries. Without the error code, you can't really achieve the predictive maintenance that people want. And APT can supply these error codes, and the acquisition of APT can make Uptake more worthy of the factory manager's trust.
Companies such as General Electric (GE) currently use APT's database and sell predictive analytics to buyers of their equipment. Uptake and APT will continue to provide their customers with their own predictive analytics platforms, but intend to integrate the two.
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