Posted by Bangalore: Accenture to acquire industrial AI company Flutura for an undisclosed amount. The NYSE-listed company has agreed to acquire the Bangalore headquartered industrial artificial intelligence (AI) company Flutura.
With this announcement, Accenture continues to build its AI capabilities, particularly in the industrial AI space.
The global industrial AI market size was estimated at $3.1 billion in 2022. The market size is forecast to grow at a CAGR of 52.46% between 2023 and 2029, reaching $58.3 billion by 2029, according to BlueWeave Consulting’s recent study.
Accenture to acquire industrial AI company Flutura
With Flutura’s acquisition, Accenture aims to strengthen its industrial AI services to increase the performance of plants, refineries, and supply chains and also enable clients to accomplish their net zero goals faster.
Accenture plans to bring Flutura’s capabilities to clients in the energy, chemicals, metals, mining, and pharmaceutical industries.
Flutura’s approximately 110 professionals specialise in industrial data science services for manufacturers and other asset-intensive companies. Its AI platform provides self-service solutions for advanced analytics.
Its solutions help process, asset management and reliability engineering teams assess, predict, and improve the asset performance, reliability, throughput and energy efficiency outcomes of production and manufacturing facilities.
Industrial engineers and data scientists can also quickly develop digital models of industrial assets on Flutura’s AI platform, which processes data from disparate IT and operations technology systems.
“Flutura democratises AI for engineers, enabling manufacturing and other asset-intensive companies with the carbon intelligence to reduce emissions, energy consumption and lost output due to unplanned downtime of industrial assets,” said Senthil Ramani, Senior MD and Accenture Applied Intelligence Lead for Growth Markets.
“This acquisition will power industrial AI-led transformation for our clients globally and particularly in Australia, South-East Asia, Japan, Africa, India, Latin America and the Middle East,” added Ramani.
“Our AI platform enables engineers to respond with agility to everchanging market and operating conditions. We look forward to scaling this as part of Accenture and helping more industrial clients achieve high-value outcomes in their production operations,” said Krishnan Raman, CEO of Flutura.
Companies need strong AI capabilities to build a digital core and become more successful, according to research Accenture presented at the 2023 World Economic Forum in Davos.
With Flutura, Accenture continues to build its data and AI capabilities for clients. Last year, it acquired the data science company ALBERT in Japan.
Other recent AI acquisitions include Analytics8 in Australia; Sentelis in France; Bridgei2i and Byte Prophecy in India; Pragsis Bidoop in Spain; Mudano in the UK; andClarity Insights, End-to-End Analytics and Core Compete in the US.