United Technologies snaps up predictive analytics firm Predikto
United Technologies has bought Atlanta-based predictive analytics software company Predikto for an undisclosed fee. Predikto’s software will be deployed across its business units to drive efficiencies in its manufacturing operations and dynamism in its product design.
United Technologies, based in Farmington, in Connecticut, owns jet-engine maker Pratt & Whitney, elevator manufacturer Otis, and air conditioner and furnace maker Carrier.
Predikto analytics platform can take “hundreds” of disparate industrial asset data-sets and automate up to 80 per cent of processes todeliver actionable insights for pre-emptive action, said United Technologies. The move comes as GE seeks to sell its own software analytics division, GE Digital.
During a pilot on commercial engines with Pratt & Whitney, which used only preexisting data, Predikto has already identified factors contributing to unplanned engine events. The results will increase the predictability of future issues and inform the development of key product improvements, according to a statement from the company.
“What would have taken engineers months to aggregate the data and create algorithms instead only took days for two data scientists to complete using the Predikto software platform,” said United Technologies in a statement.
Vince Campisi, chief digital officer at United Technologies, commented: “By harnessing the best of our combined predictive analytics skillsets, we can better connect all critical assets, understand the reliability and health of our products and ultimately deliver an improved customer experience. Predikto’s capabilities will help us scale these efforts across United Technologies’ businesses with speed.”
Mario Montag, chief executive at Predikto, said: ”Predikto’s approach and technology has been demonstrated globally across the aviation, rail and shipping industries where unplanned downtime and unscheduled maintenance can be costly. There is great opportunity for additional applicability to many of United Technologies’ products and services. We are beyond excited to join the team and begin making an impact.”
Montag will assume the role of chief data and analytics officer for United Technologies. Predikto will have a presence in Atlanta, Georgia, and Brooklyn, New York.
United Technologies is planning to hire 35,000 people and make investments of more than $15 billion in the US over the next five years, it said at the start of the summer. Its investments will help it better serve its customers in the aerospace and commercial building industries, it said.
Around $9 billion of its planned investments in the period will go towards research and development projects, including initiatives to accelerate the firm’s digital strategy.
Its digital strategy is focused on transforming service capabilities, improving the customer experience with intelligent products, driving optimisation through smart factory adoption, and developing connected products that enable real-time health monitoring capabilities.
It will also include work on next-generation additive manufacturing, artificial intelligence and autonomy, hybrid-electric, cybersecurity and the advancement of high-temperature materials.
The remaining $6 billion will to go towards capital expenditure initiatives that will drive innovation across existing US manufacturing facilities to increase capacity and improve quality and efficiency.
Gregory Hayes, chairman and chief at United Technologies, said: “United Technologies’ continued success will be dependent on a highly-skilled workforce, world class manufacturing facilities, and workforce education programs that enable employees to improve their skills and remain competitive in an increasingly digital economy.”