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Nokia takes over the IoT startup SpaceTime Insight

The Finns are concentrating increasingly on industry. Nokia has now taken over the startup SpaceTime Insight, which specializes in the operation and analysis of industrial IoT devices. This is intended to strengthen the company’s in-house software portfolio.

24 May. 2018
Nokia SpaceTime
Nokia takes over the IoT startup SpaceTime Insight

At the Hanover Trade Fair, Nokia publicly celebrated a comeback to industry, writes factorynet . The latest acquisition fits with this image: the Americans from SpaceTime Insight are regarded as experts in machine learning and have some of the largest transport, energy and supply companies in the world among their customers. Examples include FedEx , Singapore Power and Union Pacific Railroad . The solutions can be used, among other things, to forecast the statuses of systems and optimize the associated processes. Nokia wants to integrate the new acquisition into its software division and thereby extend its range of industrial IoT applications and services, reports heise.de. The purchase price was not revealed. As TechCrunch reports, the current SpaceTime CEO Rob Schilling is to take over as head of Nokia’s IoT division.

The Finnish company, which was originally a wood pulp manufacturer and became popular as a cell phone producer, is in the process of redefining itself. Just a few days before the takeover of SpaceTime Insight, Handelsblatt reported that Nokia wanted to divest itself of its health division. The company set it up as recently as 2016 on the basis of the purchase of the health product manufacturer Withings , renaming it Nokia Digital Health . Clearly, the business did not bring the success it was hoping for.