E.ON and NEC lead investment round of $8m in Space-Time Insight
Space‐Time Insight, the leading provider of situational intelligence solutions, today announced that E.ON SE (EOAN:Xetra), one of the largest global energy suppliers, and NEC Corporation (NEC; TSE: 6701), a leading provider of innovative IT, network and communications products and solutions, have led an $8M investment in the company. The majority of Space-Time Insight’s current investors also participated in the strategic round of financing which the company will use to accelerate growth on multiple continents. NEC’s investment follows the formation in 2014 of a strategic partnership with Space-Time Insight in Japan and the Asia Pacific.
With a combined annual revenue of over $170B, E.ON and NEC bring Fortune 1000 muscle to Space-Time Insight’s initiatives in North America, Europe and Asia, where the challenges of big data and the opportunities of the Internet of Things are fuelling demand for the company’s real-time visual analytics software.
“The success of our grid and renewables initiatives rely on the ability to understand how our assets are performing, how we reduce risk, and what situations we need to respond to immediately,” said Susana Quintana-Plaza, Senior Vice President for Technology and Innovation at E.ON. “Our investment in Space-Time Insight reflects both our confidence in a market leader in visual analytics as well as a belief that the company’s software can greatly improve operational efficiency across our organization worldwide.”
Space-Time Insight provides Situational Intelligence for the Internet of Things, correlating, analyzing and visualizing data from any number of assets and sources to help business users make faster, more-informed decisions. In 2013, Space-Time Insight doubled sales and achieved similar growth in 2014. The company’s customers include eight of the twenty largest utilities in the US.
About Space-Time Insight
Space-Time Insight helps companies in asset-intensive industries make faster, more-informed decisions. Our real-time visual analytics applications correlate, analyze, and visualize large volumes of business, operational and external data, spatially, over time and across network nodes. Space-Time Insight’s award-winning software powers mission-critical systems for some of the largest companies around the world, helping them reliably, efficiently and economically deliver services and rapidly plan for and respond to a full range of operating events. Space-Time Insight partners with leaders in the industry including Accenture, Esri, IBM, NEC, OSIsoft, SAP, Siemens and Unicorn Systems. Space-Time Insight is privately held and based in San Mateo, CA. “Space-Time Insight” is a trademark of Space-Time Insight Inc.