Emagin, the Waterloo-based artificial intelligence startup that looks to use AI to improve water, energy, and food infrastructures, has been acquired by Innovyze.
Innovyze is a water infrastructure data analytics software company headquartered in Portland, Oregon, with the goal of empowering water professionals to better create, manage, and maintain water services.
“Innovative software technology supports and empowers the optimal delivery of clean water.”
Emagin has developed what has been called groundbreaking AI and machine learning software, designed to help proactively manage water operations for utilities, food and beverage, and pulp and paper production infrastructure, in real-time. Founded in 2016, Emagin’s AI platform is designed to continuously learn from a system’s changing patterns.
According to the startup it has been working with utilities and has successfully deployed AI in non-digitized utilities and supported progressing facilities by implementing AI to fully optimize operations and save on capital.
Innovyze’s acquisition of Emagin is the first introduction of AI technology to Innovyze’s suite of data analytics solutions.
“Innovyze and Emagin share a vision for the future,” said Innovyze CEO, Colby Manwaring. “One where innovative software technology supports and empowers the optimal delivery of clean water, safe sanitation, and drainage, and protection from climate change impacts for our global society, communities, industry, and individuals.
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“With the addition of the Emagin team and the advanced AI technology they’ve created, Innovyze is positioned to deliver even more value to our customers and the water industry,” he added.
Terms of the acquisition deal were not disclosed, but Innovyze noted that Emagin will be more than doubling its team in the Waterloo region. According to Emagin‘s website, its teams consists of seven members, with co-founders, Thouheed Abdul Gaffoor (CEO) and Mohamad Vedut (COO), and CPO James Legue not included on the list. LinkedIn’s data puts Emagin’s team closer to 25 employees.
“Joining Innovyze not only enables us to further our mission on a global enterprise scale, but will also unlock our ability to introduce AI across the value chain in the water industry in a meaningful manner,” said Abdul Gaffoor.
Emagin was selected as one of the startups to participate in a California-based accelerator program Imagine H20, which supprots entrepreneurs developing data-driven solutions to problems in the water sector, in 2017. That same year, Emagin, a Velocity company, took home one of the top prizes at Velocity Fund Finals. This past year, the startup received the innovation award for Ontario as part of the Startup Canada awards.
Image source Pixabay
