ABB expands existing partnership with US tech firm Pratexo
ABB and Pratexo will jointly develop edge computing solutions to improve the security, autonomy and resiliency of decentralized power networks
The investment is part of ABB's continued commitment to incubating and investing in the next generation of technology start- ups
On August 23, Swiss technology giant and Fortune 500 company ABB announced the establishment of a strategic partnership with Pratexo, an edge-to-cloud acceleration platform company. The collaboration involves a minority investment in Pratexo through ABB's venture capital arm, ABB Technology Ventures (ATV). Financial details of the investment were not disclosed.
Pratexo’s technology platform supports IoT and AI initiatives that require edge computing capabilities. The company's technology can quickly build systems that process the vast amounts of data generated by IoT sensors and run advanced analytics in real time, close to the device rather than in the cloud.
ABB’s electrification services will leverage Pratexo Studio, Pratexo’s industry-leading no-code development platform, to accelerate and revolutionize the way edge-to-cloud digital solutions are designed for customers, enabling them to make better decisions for their future operations.
The partnership with Pratexo will help ABB's customers deploy edge-based network and solution architectures that provide real-time insights with the added benefits of reducing cloud data transfer volumes, improving data privacy and security, and operating even when not connected to the Internet .
One example is a customized decentralized software solution that allows distribution grid operators to manage, monitor and evaluate power systems in real time, identify possible causes of machine failure and optimize at the most local level to adapt to rapidly changing conditions, Such as identifying and responding to changes in power availability and consumption.
“We are in a unique position to support our customers in their digital transformation journey, no matter what stage they are in. Investing in and partnering with innovative startups such as Pratexo can improve our technology service capabilities and provide our customers with enhanced Industry 4.0 operations results,” said Stuart Thompson, President, ABB Electrification Services. "With Pratexo's open technology stack, we can seamlessly and securely deploy and scale the transition in a customized manner."
“The past 20 years of IT development have been primarily about centralizing computing into the cloud. The next 10 years will be about balancing that with a hybrid edge-to-cloud approach—the right compute at the right place and at the right time. We work with ABB's close cooperation will further enable and accelerate this transformation," explains Pratexo CEO Blaine Mathieu.
Pratexo, a member of the ABB SynerLeap Center for Innovation and Growth, is one of three winners of the ABB Electrification 2022 Startup Challenge, a global competition for innovators to develop technologies that support the safe, smart and sustainable electrification of the world. Pioneer concept of transformation.
Mads Moeller, head of ABB Electrification Technology Ventures, said: “With growing concerns about IT security and privacy, enterprises are moving from centralized clouds to edge and micro-cloud-based IoT solutions to maintain resilience, flexibility and Scalability." "This partnership will accelerate the development of software technology that enables ABB's customers to perform real-time cause-and-effect analysis of electrical faults to improve operations."
The partnership is ABB’s sixth venture capital investment in 2023 and will help expand the company’s ecosystem of innovative partners to develop solutions that support decarbonization. Since its inception in 2009, ATV, ABB's venture capital arm, has invested around $300 million in start-ups that match its electrification, robotics, automation and motion portfolio.
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Ps: Now technology companies are advocating environmental protection and sustainable development. Bian Xiaoyuan noticed a conversation between ABB and Pratexo and shared it with you.
ABB Review (AR): Pratexo's focus is on edge-to-cloud computing - an area concerned with decentralization. Objectively speaking, what drives the decentralization trend?
Brian Mathieu (BM): Specific to electrification, i.e. areas such as grid operations, EV charging networks and virtual power plants, the drivers include resilience, flexibility, overall cost reduction through increased system efficiency, and the sale of unused The potential capacity of electricity capacity returns to the electricity market. But the general trend of decentralization is relevant to almost all industrial systems. It is a move from monolithic structures and systems to real-time operations that can only be optimized at the most local level. Much of the evolution of IT over the past 20 years has been the centralization of computing into the cloud. The next 10 years will be about balancing this with a hybrid edge-to-cloud approach -- the right compute in the right place at the right time.
AR: How does this relate to sustainability initiatives?
BM: There is a direct relationship, and we will definitely see more market pull in this area. More efficient, available and secure systems are the basis of most sustainability initiatives. This reflects exactly the value that decentralized systems that operate in real time and adapt to rapidly changing environments can provide. Because of our particular focus on improving the operations of industrial and infrastructure systems, we position Pratexo as a catalyst for sustainable change .
Edge-to-cloud systems can have a significant effect on sustainability.
About ABB
ABB is a technology leader in electrification and automation, committed to a more sustainable and resource-efficient future. The company's solutions combine engineering expertise and software to optimize how items are made, moved, powered and operated. With more than 130 years of experience, ABB's approximately 105,000 employees are dedicated to driving innovation and accelerating industrial transformation. www.abb.com
About Pratexo
Founded in 2019, Pratexo (pra TEX o — from the Latin verb meaning edge-related activity) builds on two decades of experience helping organizations like PayPal and NASA build some of the world’s most scalable and performant computing systems . Pratexo's technology platform supports IoT and AI strategies and initiatives that require edge computing capabilities, such as proximity sensors or cameras placed in remote locations. Ideal for industries such as electrification, energy, utilities, defense and smart buildings/cities, Pratexo uses open and proven technologies to configure the most appropriate architecture for specific types of edge applications. www.pratexo.com
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