ABB has completed a second strategic investment in US-based technology company Pratexo, an edge-to-cloud software solution provider. The deepening collaboration between both organizations comes as companies continue to shift from centralized cloud to edge computing and hybrid edge-to-cloud solutions for better operational technology management. Financial details of the investment were not disclosed.
“This further investment in Pratexo is about creating greater customer value through digital technology that delivers powerful data and insights for improved operational efficiency and sustainability,” said Stuart Thompson, President of ABB’s Electrification Service Division. “Our ongoing partnership with Pratexo is bringing advanced electrical asset management to customers, enabling real-time data processing and faster decision-making at the data source.”
ABB’s second investment in Pratexo will see the co-creation of innovative digital solutions that enable the early detection of potential issues, preventing unexpected failures, reducing downtime and extending the lifespan of critical assets. Through this, customers across utilities, industry and infrastructure sectors will be able to better balance energy supply and demand for efficient energy distribution in real-time. This not only enhances the reliability of their energy supply but also contributes to a more sustainable and efficient energy system.
“Since their initial investment, Pratexo has continued to deepen its relationship with ABB,” said Blaine Mathieu, CEO of Pratexo. “We have now gone beyond technology exploration and knowledge transfer, directly into a process of co-creating digital solutions that ABB will be bringing to the market in 2025 and beyond.”
As part of the investment, ABB will now take a full board seat at Pratexo to be held by Eric Deschenes, Head of Global Marketing & Sales for ABB Electrification Service.
Pratexo, a member of the ABB SynerLeap innovation growth hub, was one of three winners of ABB Electrification’s 2022 Startup Challenge, a global competition for innovators to develop pioneering concepts that support the world’s safe, smart and sustainable shift towards electrification.
The partnership is ABB’s seventh follow-on venture capital investment of 2024 in addition to six new deals and helps expand the company’s ecosystem of innovation partners developing solutions that support productivity, efficiency and sustainability. Since its formation in 2009, ABB’s venture capital unit, ABB Ventures, has invested around $450 million into startups that are aligned with its electrification, robotics, automation and motion portfolio.
SOURCE: ABB
