Nokia buys up Spacetime Insights, expands its IoT software portfolio
Nokia, an Espoo, Finland-based company announced it has acquired SpaceTime Insight to expand its Internet of Things (IoT) portfolio and IoT analytics capabilities, and accelerate the development of new IoT applications for key vertical markets.
The value of the transaction remains undisclosed. Rob Schilling, the CEO of SpaceTime, will become the head of Nokia’s IoT unit.
SpaceTime Insight provides machine learning-powered analytics and IoT applications for some of the world's largest transportation, energy and utilities organizations, including Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad. Its machine learning models and other advanced analytics, designed specifically for asset-intensive industries, predict asset health with a high degree of accuracy and optimize related operations. The company is based in San Mateo, California, with offices in the U.S., Canada, U.K., India and Japan.
SpaceTime had raised more than $50M while PitchBook last estimated its valuation at just over $103 million in 2016. Backers of the startup included the energy giant E.ON, Novus Energy Partners, Zouk Capital and more.
The acquisition supports Nokia's software strategy by bringing SpaceTime Insight's sales expertise and proven track record in IoT application development, machine learning and data science to the Nokia Software IoT product unit. It will strengthen Nokia's IoT software portfolio and IoT analytics capabilities, and accelerate the development of Nokia's IoT offerings to deliver high-value IoT applications and services to new and existing customers.