The round is led by Euro VC firm Atomico, which appears to be revving up its Industrie 4.0 investment strategy following a recent investment in CloudNC.
London-founded IIoT start-up Oden Technologies, now a New York-based company specializing in manufacturing data analytics, announced it has closed $10 million in Series A funding.
European venture capital firm Atomico led the funding round, an addition to its recent investment in CloudNC. Other investors included EQT Ventures and Inbox Capital. Atomico founder and CEO Niklas Zennstrom, also credited with helping found Skype, has joined Oden Technologies’ board.
Oden considers itself an Industry 4.0 company. It offers a manufacturing data analytics platform built on its own IIoT hardware and big data architecture. Any size manufacturers can use the cloud-native the platform.
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How It Works
The platform features a sensor device that manufacturers can add to nearly any machine. This device integrates data from existing ERP systems and QC software. Next, the system uploads data to the platform in real-time so manufacturers gain full visibility of their manufacturing processes, including real-time factory monitoring.
The platform collects data related to:
- Machine health/ functioning
- Product production
- Melt pressure
- Temperature profiles
- Production speed
- Revolutions per minute (RPM) for moving parts
- Much more
“We analyze and process that data so customers understand how much excess material they are putting on the product, was the quality Ok, and if not why, alerting for when things are bad or will be bad, and [doing] trends analysis for how the product can be optimized. It all comes back to ROI for customers, which always comes from more uptime, less scrap, and more good quality output,” Oden Technologies co-founder and CEO Willem Sundblad says.
Oden plans to use the funding to expand its R&D and engineering teams and to add sales teams across Ohio, Texas, and Illinois.