LOS ALTOS, Calif., May 15, 2019 /PRNewswire/ -- SymphonyAI Group announced today its recent acquisition of Azima Global, a provider of machine condition monitoring and asset reliability solutions across several industrial verticals.
SymphonyAI is building a group of leading companies that use artificial intelligence to transform business enterprises across several markets, including the industrial, retail, consumer, healthcare, financial services, and media sectors. At the core of this is SymphonyAI's artificial intelligence platform, eurekaAI, which drives actionable insights by applying machine learning to large datasets, and on which SymphonyAI has already been developing applications focused on industrial predictive maintenance and process optimization.
Over the past decade, Azima Global has built a suite of cloud-based machine diagnostic and analytic solutions, supported by a team of deep domain experts, that together deliver highly accurate and timely visibility into the condition of industrial assets at scale. The company has been providing these solutions to leading companies in the oil & gas, chemicals, food manufacturing and other industries.
In joining the SymphonyAI Group of companies, Azima Global, renamed Symphony AzimaAI, will develop industry-pioneering products that (i) leverage one of the largest dynamic mechanical fault mode datasets and (ii) combine automated machine condition diagnostic data and plant-level process data, to deliver enterprise-level AI-driven predictive asset health and performance management solutions. Customers will realize both strategic and economic value through reduction in unplanned downtime, maintenance and capital expenditures, and improvements in machine reliability and throughput. These next-generation solutions represent a new paradigm in industrial IoT and will redefine performance benchmarks in a market segment that has been stalled by the limitations of traditional ERP and CMMS systems.
"Azima has spent over a decade building an industry-leading position in the delivery of effective and scalable machine health diagnostics," said Burt Hurlock, CEO of Azima Global. "It was only a matter of time before we merged with a leading AI platform to develop integrated predictive maintenance and process optimization solutions. We are excited about the incremental value we can now deliver to both our existing and prospective customers."
"SymphonyAI has built industry-leading AI-driven companies in sectors such as retail and life sciences, and we have also been actively developing AI-driven solutions for the industrial sector," said Dr. Romesh Wadhwani, Chairman of SymphonyAI Group. "The acquisition of Azima brings over a decade of deep condition monitoring experience and comprehensive equipment data that, in combination with our AI capabilities, will allow us to deliver cutting edge industry-leading solutions that will meaningfully increase the value proposition delivered to customers. We are very excited to have the Azima team join our group of companies, and we look forward to a successful journey ahead at Symphony AzimaAI."
"We are actively looking to grow Symphony AzimaAI through both organic growth as well as strategic add-on acquisitions," said Pradyut Shah, Investment Partner at SymphonyAI Group. "We are actively seeking to acquire companies that expand the depth and breadth of our solutions, both from a product capabilities and equipment coverage standpoint, as well as from an industry coverage and geographic expansion standpoint. We look forward to working with the Symphony AzimaAI team to execute on our comprehensive global vision for the company."
Oppenheimer & Co. advised Azima Global on the transaction.
About Symphony AzimaAI
Symphony AzimaAI provides machine condition monitoring, diagnostic and analytic solutions that maximize industrial productivity on a global scale. The company combines accurate data, advanced analytics, and the judgment of a deep bench of experts to deliver value-added solutions that reduce unplanned equipment downtime and maintenance. Symphony AzimaAI is headquartered in Boston, Massachusetts, with locations and experts across the Americas, Europe, the Middle East, and Asia. For more information, please visit www.azimadli.com.
About SymphonyAI Group
SymphonyAI Group's mission is to transform the business enterprise through artificial intelligence-driven solutions. The firm is harnessing the power of a $1 billion investment and the capabilities of over 100 entrepreneurs, operators and AI technologists, all under the leadership of one of Silicon Valley's most successful entrepreneurs, Dr. Romesh Wadhwani, to build systems of actionable intelligence across the enterprise. The firm incubates, builds, transforms, and invests in companies that make the business enterprise grow faster and perform better through AI. SymphonyAI is headquartered in Los Altos, California. For more information, please visit www.symphonyai.com.