Swiss-Swedish automation multinational ABB is investing in OKTO GRID, a start-up that is developing a pilot remote condition monitoring product that to optimize the efficiency of aging power grid assets, therefore extending their useful life cycle.
As part of the collaboration, ABB will provide their electrification, digitalization and industry knowledge to enhance the development of OKTO GRID’s solution and accelerate technology and commercial readiness.
OKTO GRID’s system can enhance reliable and stable power supplies while cutting the equipment’s total carbon emissions.
Managed through ABB’s venture capital unit, ABB Technology Ventures (ATV), the minority investment in OKTO GRID is the company’s 11th venture capital investment of 2022. Since its formation in 2009, ATV has invested around $300 million in start-ups that are synergetic with its electrification, robotics, automation and motion portfolio.
OKTO GRID is a company specialized in the digitalization of electricity assets to boost the predictive maintenance of infrastructure. In 2019, the company started developing an IoT device that captures four different data types non-invasively from electricity-generating or distributing assets, with a primary focus on transformers.
The data is then analyzed using OKTO GRID's proprietary algorithms for detecting anomalies and certain events related to the assets’ operation. The combination of a physical device, data capture, and analysis methods has given rise to several patent applications for the method and technology.