GE Digital acquires Nurego, a company of The Hive
February 8, 2017 by T.M. Ravi, Managing Director of The Hive
Nurego provides a monetization and business operations platform for Industrial Internet applications. Business models in the industrial sector are changing to where new value is being created in the IoT applications built on top of industrial machines. Business models are also changing to recurring revenue models such as pay-per-use, pay-per-outcome and machine-as-a-service. Nurego enables Industrial Internet applications to be monetized taking into account costs related to the industrial machines, cloud/edge services and software services that the applications depends on.
About two years back GE Digital had adopted Nurego for the GE Predix platform. The acquisition of Nurego demonstrates the strategic importance of Nurego for the business operations of GE Predix.
Nurego is an example of The Hive’s startup co-creation with corporations. Nurego was co-created by The Hive with EMC (now Dell) and we collaborated with key EMC executives to start the company. EMC contributed software intellectual property to Nurego. The Hive worked closely with the founding team to build and launch the company. The Hive, Paul Maritz and EMC invested in the company and Paul Maritz joined us on the board.
The Nurego team based primarily in Tel Aviv, Israel will become a part of GE Digital. We like to thank Ervin Leibovici, CEO of Nurego, and Hans Hanspal, the founder, both of whom The Hive has worked closely with for Nurego’s success.
The Hive has been active in the Internet of Things (IoT) market since 2013 by developing and funding startups with applications based on artificial intelligence and data technologies. We see this wave of industrial IoT applications as the fourth industrial renaissance owing to the wide scale disruption that it is bringing to smart machines & autonomous operations, product lifecycle management, asset financing, service & support, and business models for utilizing assets.
FogHorn and Sensify Security are two portfolio companies that represent The Hive’s IoT vision. FogHorn provides a software “edge intelligence” platform that brings the power of machine learning and advanced analytics to the edge for IoT applications. Sensify Security is an IoT security company that delivers decentralized advanced information security services for industrial & commercial IoT operations with centralized control, policy management & compliance.
At its core, industrial operations are transforming into consumption of an agile portfolio of software applications, cloud/edge services and entitlements that can be distributed and deployed non-intrusively. Furthermore, the ability to capture and analyze large volumes of machine data brings new capabilities to respond to changes, decision-making and interacting with the ambient physical environment. The combination of these two competencies is already driving business disruption in aviation, transportation, manufacturing, logistics, energy, and other sectors.