Emagin, a Velocity-incubated company, announced today that it has been acquired by Innovyze, a global leader in water infrastructure data analytics. Emagin’s platform will form the backbone of Innovyze’s AI offering, and Emagin’s team size will more than double in the Waterloo Region in 2020 to accommodate the shared global ambition of Emagin and Innovyze.
“Innovyze and Emagin share a vision for the future,” says Innovyze CEO, Colby Manwaring. “One where innovative software technology supports and empowers the optimal delivery of clean water, safe sanitation and drainage, and protection from climate change impacts for our global society, communities, industry and individuals. This includes leveraging advanced technologies that empower industries’ ability to manage complex and life-supporting water systems. With the addition of the Emagin team and the advanced AI technology they’ve created, Innovyze is positioned to deliver even more value to our customers and the water industry. I’m really excited to have the team onboard.”
In emerging markets, Emagin has been working with water utilities to support technological leapfrogging. In established markets, it has supported progressing facilities by implementing AI to fully optimize operations and produce cost savings.
“Joining Innovyze not only enables us to further our mission at a global enterprise scale, but it will also unlock our ability to introduce AI across the value chain in the water industry in a meaningful manner,” says Thouheed Abdul Gaffoor, CEO of Emagin. “Ultimately, the customers, people and culture of Innovyze are what led us to this take this big step. We could not be more excited to join a community that is so well-aligned with our mission and values as innovators in the industry. We are absolutely thrilled to join the Innovyze family!”
Emagin was co-founded by Thouheed Abdul Gaffoor and Mohamad Vedut in 2016. They also joined Velocity that year. The team won the Winter 2017 edition of Velocity Fund Finals (currently known as Velocity Fund Pitch Competition). It was one of the fastest growing startups with a headcount of ~30 when it launched from the incubator.
For an in-depth story of Emagin and its co-founders, please visit here.