Oden Technologies, the New York based industrial analytics company, today announced the completion of its latest financing round of $3.5M. This combined with previous investments brings Oden’s total seed funding to $5.9M. 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.
Since the launch of The Oden Factory Cloud in 2016, the platform has been adopted by manufacturing clients looking for technology to make more with less, and make better, data-driven decisions when solving production problems. 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 expand its growing team. The company, with headquarters in Soho, plans to triple its headcount by end of 2017, in part by expanding its talented team of engineers.
Willem Sundblad, co-founder and CEO of Oden Technologies said: "We started Oden with a core mission to empower manufacturers with data and insights so they can eliminate waste and run their production more efficiently. We've proven great success with our platform so far. We’re very excited to announce that we've partnered again with EQT Ventures to continue scaling our business to deliver actionable factory analytics to more customers. This funding allows us to grow our product & engineering efforts, with an emphasis on machine learning, as well as expand the organization to meet increasing demand. The wealth of knowledge at EQT Ventures, coupled with Hjalmar Winbladh’s experience as a serial entrepreneur will be invaluable as we scale Oden to lead the Industrial Internet of Things market."
Hjalmar Winbladh, Managing Partner at EQT Ventures said: “Manufacturing is an extremely competitive industry, with ever-increasing demands for efficiency, cost reduction, and increased quality of production. Oden’s approach to applying the Internet of Things and Machine Learning to the manufacturing industry has the potential to be revolutionary for makers and factory owners globally. EQT Ventures is thrilled to be leading this round. Willem, Peter, and the team have achieved a huge amount in a short space of time and we look forward to their continued growth.”
Oden Technologies was founded by Willem Sundblad and Peter Brand in 2014.
Oden Technologies is a manufacturing analytics company that 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. Oden’s mission is to use data to empower the operators, engineers, and executives of the manufacturing industry to foster a culture of improvement, efficiency, and transparency.
Oden is committed to hiring people who make things to transform the world, things to enable the manufacturing industry to make things better - to make more, to waste less, to serve their customers, and to thrive in a competitive world.
EQT Ventures is a new European VC fund with commitments of just over €566 million and offices in Stockholm, Amsterdam, London and Luxembourg. Fueled by some of Europe’s most experienced company builders, EQT Ventures help the next generation of entrepreneurs with capital and hands on support. EQT Ventures is part of EQT, a leading alternative investments firm with approximately EUR 35 billion in raised capital across 22 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees.