Oden Technologies raises $3.5M from existing investors, led by EQT Ventures

Oden Technologies, a Stockholm, Sweden-founded and New York, USA-headquartered company providing industrial analytics, announced the completion of its latest financing round of $3.5M.

The lead investor in this round was EQT Ventures along with Oden’s existing institutional backers Inbox Capital and LocalGlobe.

Shiva Rajaraman formerly VP of Product at Spotify joined this round alongside existing angel investors Peter Carlsson, former CPO and head of supply chain at Tesla Motors, and Rob Keve, CEO and co-founder of Flow.

Oden Technologies, founded in 2014 by Peter Brand and CEO Willem Sundblad, developes industrial IoT (internet of things), as it provides hardware and software solutions for creating smart factories. The company is a B2B SaaS provider combining industrial hardware, wireless connectivity, and big data architecture into one simple platform, the Oden Factory Cloud, so all manufacturers can analyze and optimize their production, from any device. By combining data acquisition and analytics into one streamlined platform, Oden provides clients with better production data and insights that are essential for continuous improvement and eliminating waste.

Oden will use the proceeds of the latest seed round to to invest in machine-learning, data science, and engineering teams.

Prior to this round, the company has raised more than $2M at the beginning of 2016 from EQT Ventures, Inbox Capital, Local Globe as well as from the private investor Martin Wattin.