The Industrial Internet of Things (IIoT) firm that works on manufacturing data analytics, Oden Technologies, raised US$10mn in a Series A Funding round.
The round was led by Atomico, whose CEO co-founded Skype, with contributions from the EQT Ventures fund and Inbox Capital as well as seed investors.
“Major areas of inefficiency still predominate throughout the manufacturing sector, which has remained relatively untouched by digital technology. We believe that’s about to change,” stated Niklas Zennström,
“The combination of IIoT, Big Data analytics, cloud computing and machine learning marks a new era for industry, by not only unlocking efficiencies and reducing waste of materials, but enabling smaller batch sizes, more personalised products and greater innovation too.”
“Willem and Peter have both the scale of vision and exceptional ability to execute to be in the vanguard of this shift - and the potential to transform manufacturing.”
Analytics are used in manufacturing to drive efficiencies in an industry that is quickly developing in a new machine age.
“Our vision is for the manufacturers to achieve ‘perfect production’, make things not only better, but faster, cheaper, and with less waste,” said Willem Sundblad, co-founder and CEO of Oden Technologies.
“Traditionally manufacturers did not have access to the right data and insights to make factories more efficient and productive.”
“What Oden provides is data that is transparent, precise, instantaneous and above all usable, empowering our customers to build smarter factories and bring about a manufacturing renaissance.”
“We want to democratize access to data analytics, making it easy to collect and action for anyone in the factory whether it’s an engineer, a plant manager or those responsible for operations and quality control.”