Industrial Internet of Things manufacturing company ei3 announces that it has completed the acquisition of artificial intelligence firm Cognitive Solutions and Innovation AG. The acquired company is a leading developer of artificial intelligence-powered products for industrial manufacturing.
ei3 did not provide any information regarding the valuation of this acquisition deal, but it was revealed that the transaction was completed through cash and stock. Additionally, after the acquisition, ei3 plans to rebrand itself to ei3 Europe. As a part of the acquisition deal, Dr. Stefan Hild, CEO and founder of COGSI AG, will become a board member of ei3 and serve as the Vice President of data science at ei3.
CEO of ei3, Spencer Cramer, 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.”
He further added that through technology, ei3, and Cognitive Solutions would collaborate to accomplish a shared vision of secure, smart, and sustainable manufacturing. Switzerland-based artificial intelligence company Cognitive Solutions and Innovation AG was founded in 2016. The firm specializes in developing top-of-the-line analytics and artificial intelligence solutions for industrial applications.
Over the years, COGSI has acquired a vast customer base of companies spread across the world, including in the United States. The company has a highly talented team of artificial intelligence engineers, which COGSI uses to develop innovative solutions for common industrial assets that can be quickly customized to meet individual client needs.
“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,” said Dr. Stefan Hild.
He also mentioned that they have already seen the advantages of incorporating artificial intelligence-powered analytics into the mix, and they plan to further enhance its capabilities to help their clients achieve more efficiency.