POLITICS & INSTITUTIONS - ECONOMY

Paul Wurth, Encevo invest in DataThings



Paul Wurth and Encevo will each take a 10.3% minority stake in DataThings (illustrative photo) Shutterstock

Paul Wurth and Encevo will each take a 10.3% minority stake in DataThings (illustrative photo) Shutterstock

DataThings has two new partners taking a minority stake in the capital. The investment should enable the young data analysis software company to accelerate its growth, possibly entering the foreign market. 

Founded in 2017 as a spinoff of the Interdisciplinary Center for Security, Reliability and Trust (SnT) at the University of Luxembourg, DataThings is seeing the arrival of two new investors, including Paul Wurth and energy supplier Encevo, with a minority stake for each of 10.3%.

Hosted at Paul Wurth InCub, DataThings develops intelligent software systems for data management and analysis for a variety of applications, including in the automobile and steel industries, transport, finance, electricity and irrigation systems.

The financing and support of its two new partners will enable it "to accelerate its growth, develop its R&D services and bring its GreyCat technology as well as its two flagship products AIXpert [tool for predicting industrial production processes] and Alva [monitoring and simulation tool for network managers] to the nextlevel,” the company stated in a Tuesday press release.

The company, which initially focused on the Luxembourg market, also said it is "ready to expand into new markets on the international scale.”

This article was originally published on Paperjam.lu and has been translated and edited for Delano.