ABB Motion Invests in AI Startup UptimeAI to Improve Asset Performance Management

ABB Motion, a business unit of ABB India Ltd, has made a strategic investment in California-based artificial intelligence startup UptimeAI. The partnership is aimed at revolutionizing health and performance management of industrial equipment such as motors and drives. Through the use of machine learning and expert systems, the collaboration will offer customers comprehensive asset performance analysis, enhanced failure predictability, and lower maintenance costs and risks. ABB Motion Ventures will acquire a minority stake in UptimeAI, although terms were not made public. The investment is consistent with ABB's continued strategy to enhance its digital solutions and build its asset performance management capabilities across industries.
Source: MarketScreener