Nokia last week said that it was selling off its digital health business, after failing to develop it into a substantial business itself, but this week the Finnish company is announcing an acquisition that underscores how it is doubling down in another one of its business areas, the Internet of Things. Nokia has acquired SpaceTime Insight, a California-based IoT startup that provides predictive analytics based on machine learning algorithms.
Terms of the deal are not being disclosed, Bhaskar Gorti, president of Nokia Software, said in an interview. The startup had raised between $50 million and $65 million in funding (based on figures from Crunchbase and PitchBook), and PitchBook last estimated its valuation at just over $103 million in 2016. Backers of the startup included the energy giant E.ON, Novus Energy Partners, Zouk Capital and more.
As a measure of the significance of the deal for Nokia, Rob Schilling, who had been CEO of SpaceTime, will become the head of Nokia’s IoT unit.
IoT today is a fairly small part of Nokia’s business: the company reported over €23 billion in annual revenues last year. Of that, the software division reported only €1.6 billion of business, and IoT will sit somewhere …read more
Source: Tech Crunch