3M Invests In Another Israeli Firm
3M Company announced Wednesday that it is investing in software firm Takadu, in order to harness the company’s analytics services, which monitor water infrastructures.
Maplewood-based 3M’s investment arm, 3M New Ventures, purchased a minority share in Takadu for an undisclosed sum—marking 3M’s second investment in an Israel-based company in under a year.
3M is interested in using Takadu’s cloud-based software that takes data from water systems and uses analytics to detect and predict problems or inefficiencies, including leaks, bursts, faulty meters, and zone breaches.
According to 3M, Takadu combines raw data—such as flow, pressure, and water quality—with secondary data—such as weather, geographic information systems, and calendar dates—and uses algorithms to identify deviations from historical patterns.
“There is an incredible growing need for a solution that provides the eyes and ears into the chronically aging water infrastructure,” Ryan Rogers, global business manager of water infrastructure renewal at 3M, said in a statement. “[Takadu’s software] is cost-effective to implement and can quickly pinpoint and address issues as they arise.”
3M offers a broad range of water system infrastructure products, including trenchless pipe rehabilitation, applications for industrial and municipal water systems, and a diverse set of pipe coating products.
“We see 3M as an important strategic investment partner based on their focus on underground utility locating and marking solutions, trenchless water pipe rehabilitation, as well as their premium reputation in the infrastructure protection market,” Takadu founder and CEO Amir Peleg said in a statement.
Founded in 2009, Takadu’s technology has now been backed by some huge players, considering its relatively recent inception. In 2012, Switzerland-based power and automation tech giant ABB also invested in Takadu as part of a $6 million funding round.
“Following ABB’s strategic investment in Takadu last year, we are now excited about the opportunity to add 3M to our existing relationships as we continue to scale our solution to water network owners around the world and expand our technology capability,” Peleg said.
3M conceived its 3M New Ventures sector in 2008, and since then it executed more than 20 different transactions, nearly all of which were for minority stakes in tech companies. Its most recent acquisition, before Takadu, was also in Israel. In November 2012, the company invested in Israel-based VocalZoom Systems Ltd., which is working on a technology to capture quality audio signals in noisy environments. Before that, 3M invested in Denver-based Mersive Technologies Inc., a provider of visual computing software in October 2012.