Predikto, a predictive analytics software startup based in Atlanta that detects when plane engines will malfunction, has been acquired by United Technologies Corporation, a Farmington, Connecticut-based aircraft manufacturer.
Predikto CEO Mario Montag said the company will partner with the United Technologies Digital accelerator in Brooklyn, as well as each of UTC's business units. Montag himself will join UTC as vice president, chief data and analytics officer of United Technologies Digital. Financial terms of the deal were not disclosed.
"In the near term, the team will build on the pilot project looking at engine failure prediction that we began with Pratt & Whitney prior to this acquisition," he said. "Longer term, the team will look at opportunities to expand its predictive analytics expertise and capabilities across each of UTC’s businesses."
Employees will remain in Atlanta and are excited to join UTC's developing and software team, Montag said.
"Hiring and personnel conversations are still ongoing, but at minimum, we’re expecting growth for the team here in Atlanta," he said.
In his new role, Montag will drive the strategy and direction for United Technologies' global data and analytics initiatives in support of the company's businesses. He will report directly to Vince Campisi, chief digital officer of United Technologies.
Predikto is a graduate of the state tech incubator ATDC and recently won an InnoVenture Award with the Atlanta Business Chronicle. The startup raised a total of $7.6 million since its founding in 2013, according to Crunchbase. Local investors include Atlanta VC firm TechOperators.
The acquisition came after United Technologies Digital showed an interest in the rapidly expanding Atlanta tech ecosystem for the past few years, Montag said.
"Predikto’s acquisition created a perfect opportunity for UTC to not only grow their in-house capabilities, but also gain a presence in Atlanta," he said. "The United Technologies Digital Accelerator will continue to expand to meet the needs of United Technologies’ businesses, and we will be evaluating opportunities for top talent in both Brooklyn and Atlanta."
