DataRPM, a privately-held startup and leader in cognitive predictive maintenance for the industrial IoT (IIoT) market has been acquired by Progress for $30m.
According to the provider of development and deployment technologies, this acquisition is a key part of Progress’ strategy to provide the best platform to build and deliver cognitive-first applications.
DataRPM offers an award-winning cognitive predictive maintenance solution for industrial IoT. The patented platform automates predictive modeling, leveraging proprietary Meta Learning capabilities to increase quality, accuracy and timeliness of equipment failure predictions, leading to hundreds of millions of dollars in savings.
The technology enables customers such as Jaguar, Samsung and Mitsubishi Heavy Industries to predict and prevent asset failures, and increase yield and efficiencies to generate outcomes for IIoT.
As data continues to explode, driven by machine-generated and human-generated data, and devices and digital touchpoints proliferate rapidly, organizations must leverage cognitive-first applications for business benefit to compete and win.
“Progress has always provided the platform for building and deploying mission-critical business applications. The future of applications is cognitive-first, and Progress is committed to providing the best platform to build and deploy them,” said Yogesh Gupta, CEO, Progress.
“Our customers and partners already use many of the key product capabilities from Progress necessary for this approach- front-end application development tooling, mobility, back end application services, and data connectivity. With the acquisition of DataRPM, we now have leading predictive analytics capabilities to round out our cognitive apps platform.”
With the acquisition of DataRPM, Progress enables customers to harness previously untapped volumes of data to build cognitive apps quickly and easily – democratizing machine learning and making it accessible to any organization.
DataRPM technology detects random and unknown failures using a combination of unsupervised and semi-supervised learning techniques, saving businesses hundreds of millions of dollars by preventing failures of critical assets and maximizing quality and efficiency. This solves the huge data science talent crunch by teaching machines to automate data science using a technique called Meta Learning, that learns from experience and feedback, saving industrial companies from having to invest in large armies of data scientists.
DataRPM will continue to offer its leading solution for cognitive predictive maintenance for IIoT under the Progress umbrella, supported by an increase in investment and resources. Integration of DataRPM technologies and Progress products is already underway and the updated offerings are expected to be available to early-adopter partners and customers later this year.
“Progress’ strategy around cognitive applications is in perfect alignment with our vision, which is why the acquisition was the right move for us,” said Sundeep Sanghavi, co-founder and CEO, DataRPM.
“It will enable us to increase investment in our current cognitive predictive maintenance offering while also becoming an essential part of a ground-breaking platform for building cognitive applications across multiple markets.”
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