“The Predikto team is very excited to join United Technologies Digital,” Predikto founder and CEO Mario Montag told Hypepotamus. “Everyone we have interacted with at UTC and their business units has been very supportive.”
The acquisition comes as Connecticut-based UTC is accelerating its digital efforts across the entirety of its portfolio. The Fortune 50 company serves customers in the commercial aerospace, defense and building industries.
“We are eager to accelerate the deployment of the Predikto software to help UTC aftermarket services and UTC customers improve the overall health of industrial equipment,” says Montag.
Founded in 2013, Predikto’s technology predicts and alerts equipment manufacturers and transportation companies such as railroads and aviation operators of upcoming failures by analyzing real-time sensor data, past maintenance records and previous failure data. It then provides actionable intelligence to take pre-emptive action before the equipment breaks.
Predikto previously worked with UTC’s Pratt & Whitney jet engine producer arm on a pilot “to understand the results of a pure ‘data’ approach to predictive analytics and engine health,” shares Montag.
Following the pilot’s success, Montag says that the UTC team saw how the startup’s technology could complement and enhance their approach. According to UTC, a data-aggregation and analysis process that formerly took months was accelerated to a few days when using Predikto’s software.
“Data is the lifeblood of any digital strategy and actionable data is the way forward as we deliver real customer value,” said Vince Campisi, UTC’s Chief Digital Officer, in a statement. “We are incredibly excited about this announcement and the future ahead together. 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.”
As a first-time startup founder, Montag shares that while he encountered numerous challenges growing his startup, three main takeaways come to mind — pitching an emerging technology, determining whether the client company had the appropriate resources to act on their predictions, and raising funding.
“We didn’t have an army of sales and marketing people to be able to spend a lot on brand recognition and we were competing against other startups who had raised millions,” says Montag. “So how do you differentiate yourself from the sea of others going after the same space? Results.”
Predikto last raised a $4 million Series A round in February 2017 to fund product development, for a total of $7.6 million in outside capital raised.
The team will remain in Atlanta with a presence in Brooklyn, NY, where the United Technologies Digital Accelerator is located. “We will leverage their resources to work new capabilities and upskill its staff,” says Montag.
All Predikto employees (about 15) are joining UTC and will continue to report to Montag, who will become the new Chief Data & Analytics Officer for United Technologies Digital. He will focus on driving the strategy and direction for UTC’s global data and analytics initiative.
Featured image via United Technologies