Since Conviction’s report on the ABB Electrification Startup Challenge in March, ABB has revealed three winners for proofs-of-concept and digital innovation in sustainable energy. MOOST, i-EM and Pratexo were among 9 finalists that pitched in Berlin by invitation from the second stage, where 20 startups were shortlisted from over 100 entrants based in no less than 34 countries. Startup Challenge awards collaboration projects worth $30,000 with ABB Electrification for each category plus mentorship opportunities with ABB, SynerLeap and Microsoft.
Check out Conviction’s wrap on Startup Challenge 2022 and winners of the first two categories - Q&A with MOOST which won Smart Building and Q&A with i-EM for Smart Power - together with Digital Solutions round off ABB’s annual search for digital innovations to power sustainable electrification.
In the Q&A, CEO Blaine Mathieu revealed the startup recently closed an $8 million seed funding round first reported by Conviction News.
Pratexo is an intelligent grid optimisation startup that impressed ABB’s judges with its application of edge computing. Pratexo’s distributed cloud platform accelerates the time to design, test and launch next-gen AI, IoT and Industry 4.0 applications. In the Q&A, CEO Blaine Mathieu revealed the startup recently closed an $8 million seed funding round first reported by Conviction News.
The edge-computing startup is headquartered in Austin, Texas but was founded in the Nordics in 2019. Pratexo currently has employees based in Norway, Sweden and the US working on the rapid deployment of cloud platform solutions to process large volumes of data and run advanced analytics in real-time.
Subscribe for free, read on for the last of this year’s winners Blaine Mathieu, CEO of Pratexo had to say about their work and the Startup Challenge and follow the thread back to our interview with ABB’s Anton Kotov, and previous winner Q&A with Tallarna’s CEO Tim Meanock earlier this year.
Blaine Mathieu, CEO of Pratexo
What challenges is Pratexo solving that makes the platform unique?
Pratexo is unique because of the ease and speed with which it can deliver flexible solutions for the intelligent grid.
Our platform provides the ability to rapidly stand up systems that can process large amounts of data generated by IoT sensors and then run advanced analytics and even complex applications in real-time.
What are the key advantages of deploying Pratexo’s platform?
The platform can be used to increase machine efficiency and uptime, bolstering sustainability goals and improving human safety.
Pratexo’s winning proof-of-concept in ABB’s Startup Challenge is focused on reducing outage times and increasing energy efficiency, including power balancing, delivering higher power quality and lowering MRO costs in the electric grid.
Why did you enter the startup challenge?
The chance to work with ABB on an innovation project was simply too good to pass up. ABB boosts Pratexo’s brand credibility and extends our industry connections.
Why is innovation important to you?
One of our taglines for Pratexo is ‘the edge innovation platform.’ Enabling companies to run innovation applications on the industrial edge is what we’re all about.
Can you tell us about working with ABB?
ABB has been highly organised and professional, and, at the same time, we’ve found peers who are very friendly and collaborative. Winning is important to Pratexo but more important still is the opportunity to build a lasting business relationship with ABB.
What’s the ambition for Pratexo?
Pratexo is already on the way to becoming a major player in the digital transformation of the energy industry and industrial systems more widely.
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