Swedish manufacturing giant SKF buys Israeli AI company for estimated 35 mln USD

Source: Xinhua| 2019-10-08 01:05:18|Editor: yan
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JERUSALEM, Oct. 7 (Xinhua) -- Swedish manufacturing giant SKF has acquired the Israeli artificial-intelligence (AI) company Presenso that develops and deploys predictive maintenance software, the two companies announced Monday.

The amount of the deal was not disclosed, but it was estimated in the Israeli media at 35 million U.S. dollars.

Presenso was founded in 2015 and based in the northern city of Haifa. Following the acquisition, the company's development center will become an excellence R&D center in the fields of AI, computational learning and big data.

Presenso's AI capability enables factories to find and act on anomalies that were previously difficult to detect, automatically and without the need to employ data scientists.

Its solution is being implemented by factories to increase productivity and revenue by reducing unplanned downtime and streamlining operations and manufacturing processes.

The company's solution is based on innovations in automated machine learning (AutoML) that accelerate the pace of integration and deployment of the AI solution.

This enables enterprises to connect large number of machines and sensors to industrial analytics services in a short time.

The company's customers include leading manufacturers in Europe and America in the fields of energy, oil and gas, metals, chemicals and more. It's competence will be used to strengthen SKF's rotating equipment performance offer.

Founded in 1907 and based in Gothenburg, SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training.

SKF is represented in more than 130 countries and has around 17,000 distributor locations worldwide. Its annual sales in 2018 were about 8.66 billion U.S. dollars and the number of employees is over 44,000.