SKF Acquires Industrial Artificial Intelligence Company

GOTHENBURG, Sweden, Oct. 31, 2019 /PRNewswire/ -- SKF has acquired Presenso Ltd., a company that develops and deploys artificial intelligence (AI)-based software for improving machine performance. Presenso's AI capability enables production plants to find and act on anomalies that were previously undetectable, automatically and without the need to employ additional data scientists. Presenso's solution is used by industrial plants to increase production output and revenue by reducing the incidence of unplanned asset downtime.

Presenso, located in Haifa, Israel, built its solution based on innovations in the field of Automated Machine Learning or AutoML. AutoML accelerates the rate of AI deployment, enabling plants to scale industrial analytics across a large asset base. 

The company's existing clients include leading industrial manufacturers in Europe and the Americas

Victoria Van Camp, CTO and President, Innovation and Business Development in SKF, says: "SKF is all about reliable rotation, technology leadership and solving real world challenges. Today, we are welcoming a team of world-class AI developers, with a production ready analytics solution into SKF. Together we will change the way industry looks at reliability and make AI an integrated part of production."  

Eitan Vesely, CEO of Presenso, stated that "We are excited to become part of the SKF family and combine SKF's rotating equipment performance services and Presenso's industrial analytics solution. We believe that the hybrid of traditional condition monitoring and AI offers industrial plants the best option for deploying Maintenance 4.0."

CTO Deddy Lavid (Ben Lulu), Presenso's CTO will continue to lead Presenso's R&D center in Haifa.  Mr. Lavid adds:

"We focused our engineering efforts on replacing labor intensive data analytics tasks with advanced Machine Learning algorithms that perform these tasks automatically.  As part of SKF, our goal is to build upon this success and broaden the commercial application of industrial analytics solutions."

Presenso was founded in 2015 by Eitan Vesely, Deddy Lavid and Dr. David Almagor which served as the company chairman.

Founders Advisors, a US boutique investment bank assisted in the transaction.

SKF's mission is to be the undisputed leader in the bearing business. SKF offers solutions around the rotating shaft, including bearings, seals, lubrication, condition monitoring and maintenance services. SKF is represented in more than 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2018 were SEK 85 713 million and the number of employees was 44,428. www.skf.com

® SKF is a registered trademark of the SKF Group.

Presenso provides AI driven Industrial Analytics tools for Predictive Maintenance. Presenso's system collects immense amounts of data at very high speed from hundreds of machines (thousands of sensors) and streams the data to the Cloud in real-time. Using unique, proprietary machine learning architectures, Presenso's analytic engine autonomously interlinks events with components within the machines and ultimately predicts evolving failures. In addition, it provides valuable information about the remaining time to failure and its origin within the machine. These tools are accessible to maintenance and reliability professionals without the need to hire Big Data experts. Presenso solution is available today for both OEM's which are now developing their Industry 4.0 offerings and to end users operating their own equipment. 

SOURCE Presenso

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