We are happy to announce a significant milestone in Oden Technologies’ journey: the successful closure of a $28.5 million Series B funding round. This achievement marks a pivotal moment for us, and we’re immensely grateful to our customers for their integral role in our growth and success thus far. With this funding, we are poised to continue our mission of driving innovation in manufacturing and delivering even greater value to you, our valued partners in manufacturing excellence.
Speaking of valued partners, we have some new ones. New investors include Nordstjernan Growth, who led the round, and Klarna founder Sebastian Siemiatkowski’s investment company, Flat Capital, Oden customer INX International Ink Co., and Recurring Capital Partners. We were fortunate to have participation from almost all existing investors, including Atomico and EQT Ventures.
We are delighted to welcome Ebba Lilliehöök from Nordstjernan Growth and Anders Berggren, an independent manufacturing executive, to Oden’s board, bringing invaluable expertise and insights to our leadership team.
Oden will use the new capital to accelerate the development of AI products that solve pressing manufacturing pain points that have led to an industry wide productivity plateau. Immediate objectives include further improving data accuracy, the capture and distribution of domain knowledge, and expanding recommendation capabilities, all of which are possible due to Oden’s proven, turnkey data engine.
According to the Manufacturing Institute (MI), there will be a projected 2.1 million unfulfilled manufacturing jobs by 2030. Many of those jobs will be as operators, or the front-line staff who support operators. In addition, half of front-line employees leave within their first three months, making turnover an extreme cause of lost productivity. Operators are closest to the biggest problems faced by manufacturers, but they’re also the most underserved.
In 2023, Oden launched the machine operator-centric product Process AI, which provides operators with real-time prescriptive process recommendations and predicted quality outcomes. The solution has been highly successful within the market. Customers aren’t stuck waiting months or years for advanced models either – Predictive Models with an 85%+ accuracy rate are only taking 48 hours to build, with 95%+ accuracy achieved and maintained in four weeks.
By providing operators with the exact process settings within real-time constraints to use to achieve key company outcomes, new operators are performing as well as experienced ones. This is not only driving great company results such as 40%+ line speed increases, but it’s creating a better experience for machine operators. Operators are using the solution on 80%+ of runs within key lines, and adopting it without training or instruction, and their feedback has been incredibly positive.
Due to the high demand of Process AI, the results customers have experienced, and the persistent challenges manufacturers encounter regarding operator turnover and productivity, Oden is primed to empower operators to drive productivity at the manufacturing line.
This scalable, real-time operator enablement is only possible due to Oden’s turnkey data infrastructure, which manages the complexities of manufacturing data. Oden is committed to further investment in its robust data engine, which processes billions of data points daily. Our accelerated roadmap includes machine learning-driven capabilities such as:
These transformative features minimize the workload required to input, source, correct, and manage manufacturing data.
As part of our commitment to advancing our product offerings and better serving customer needs, we’re excited to unveil some updates to our product names. These changes aim to provide a clearer understanding of our suite of solutions and lay down a foundation for future enhancements without affecting any of your current contracts, access, or features.
Factory Analytics (Formerly “Oden”)
Factory Analytics are the pre-built reports, dashboards, and investigative tools that supervisors and engineers depend upon for root cause analysis, reporting, and other key real-time and project based needs. This is the visual representation of the data that is managed within the Data Engine.
Data Engine (Formerly “Oden”)
The Data Engine is the foundation of all other products offered by Oden Technologies, and where data is transformed by gathering, cleaning, and enriching data from throughout the factory. The Data Engine will serve as the basis for future products by providing a trusted source of high quality data.
There are currently no changes to Process AI or Predictive Quality.
At Oden Technologies, we are excited about the opportunities this funding will unlock as we continue to push the boundaries of AI and machine learning in manufacturing. We remain committed to our mission of turning manufacturing data into actionable insights for our customers.
Should you have any questions or require further information, please do not hesitate to reach out to us. Thank you for your continued partnership and support.
