Oden Technologies raises $10M in Series A investment round from Atomico, EQT Ventures and Inbox Capital

Sweden Investments 02 July 2018
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Oden Technologies, a New York, US-based and London, UK-headquartered company providing hardware and software solutions for creating smart factories, announced securing $10M in a series investment round. The backing was led by Atomico and included existing investors EQT Ventures fund and Inbox Capital, as well as other seed investors.

In addtition, Atomico' CEO, and co-founder of Skype, Niklas Zennström will join Oden’s board.

The money will be used to expand its R&D and engineering teams in New York and accelerate customer growth with new sales teams in the manufacturing hubs of Illinois, Ohio and Texas. To support its advancements in machine learning and AI, Oden has hired Deepak Turaga, Adjunct Associate Professor at Columbia University, as VP of Data Science.

Oden Technologies, founded in 2014 by Peter Brand and CEO Willem Sundblad, develops an Industrial IoT company that provides manufacturing data analytics. The company combines wireless industrial IoT and proprietary cloud-based analytics into one simple platform for manufacturers to monitor and optimize production in real-time, from any device. The Oden data acquisition and analytics platform enables factories to digitize production and to continuously improve using clear data and actionable insights.

Prior to this round, Oden Technologies raised $5.9M in 2016 and in 2017.