Calgary, Alberta--(Newsfile Corp. - June 14, 2023) - Stream Systems Ltd. ("Stream Systems" or "Stream") is extremely pleased to announce that it has successfully acquired Praemo Inc., based in Kitchener, Waterloo, ON. The Praemo RazorTM engine is an automated, industrial data science ingestion engine that enables next-level continuous improvements in operations.
The acquisition gave Stream access to partnering with Praemo's AI/Machine Learning team which immediately strengthened the internal data science capabilities that Stream offers. RazorTM is highly complementary to SimOpti and harnesses the power of machine learning to streamline production processes and optimize industrial operations.
Bruno Rizzuto, CEO of Stream Systems states, "I am delighted to have the Praemo team join Stream as their AI/ML capabilities are very strong and allow us to accelerate our product road map which assists us in the transition from a Professional Services company to a Software as a Service company. We have released our first MVP for the mining industry and will be releasing our first commercial product in the fall of 2023".
With the acquisition, Stream Systems will welcome several strategic institutional investors including McRock Capital and the BDC. McRock Capital is a leading digital industrial venture capital fund focused on industrial software opportunities across Canada, the US and Europe. Caterpillar Venture Capital Inc. remains an investor in Stream Systems.
Contact:
Bruno Rizzuto
brizzuto@streamsystems.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169967
