ei3, a leader in the industrial internet of things (IIoT) solutions, announces it has acquired Cognitive Solutions and Innovation AG (COGSI AG), a pioneer for developing advanced artificial intelligence (AI) solutions for industrial manufacturing. In this acquisition, both cash and stock were exchanged.
Spencer Cramer, CEO of ei3 said, “As companies continue to invest further in ESG and CSR programs to increase sustainability and meet regulatory demands, they need a partner who can help connect their goals to meaningful and measurable results. ei3 and Cognitive Solutions (COGSI AG) will work together to realize a shared vision of secure, smart, and sustainable manufacturing through technology.”
The AI capabilities of COGSI AG’s products are a perfect match for ei3’s IIoT suite of products with world-class data analytics, and their AI capabilities enhance ei3’s IIoT suite of products. A close collaboration led to the acquisition of COGSI AG. The artificial intelligence software ei3 provides to its industrial clients enables them to gain deep insights into their operations, reducing future unplanned downtime, improving asset efficiency and creating sustainability.
Following the acquisition, COGSI AG will be renamed “ei3 Europe” and will carry the ei3 brand. Dr. Stefan Hild, the CEO, and creator of COGSI AG will also join the ei3 board of directors and will take on the newly created job of VP of Data Science.
“Our teams share a strong sense of purpose. Because ei3 is one of the first Industrial IoT companies, it has connected some of the largest fleets of machines and other assets. This provides a rich background for creating value by applying AI. We have already seen the benefits of adding AI-based analytics into the mix and look forward to achieving further efficiencies for our clients,” added Dr. Stefan Hild.
With ConnectedAI, machine, device, and user knowledge is transformed into actionable intelligence, and this intelligence is extended to machines around the world, allowing organizations to maintain knowledge and skills while keeping risk, cost, and performance under control. ei3’s experience and innovations are now available in an easily deployable format, allowing it to assist drive process improvements at scale.
ConnectedAI, for example, is used by Milacron, a leading plastics processing technology business, to promote replacement component sales.