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Oden Technologies raises $10M to bring data analytics to manufacturing

Oden Technologies, the Industrial IoT startup that provides manufacturing data analytics, has closed $10 million in Series A funding. The round is led by European venture capital firm Atomico, which appears to be revving up its “Industry 4.0” investment strategy following a recent investment in CloudNC. A number of existing investors also participated including EQT Ventures, and Inbox Capital. Noteworthy, Atomico founder and CEO Niklas Zennström, who also co-founded Skype, has joined the Oden Technologies board. Originally founded in London but now based in New York, Oden Technologies pitches itself as an Industry 4.0 company that has built its own industrial IoT hardware and “big data architecture” to offer a platform for manufacturers of any size to analyse and optimise factory production via the cloud. Put simply, the Oden device plugs into almost any kind of manufacturing machine, while its “software adaptors” integrate data from existing enterprise resource planning (ERP) systems and quality control software on the manufacturing line. This data is then uploaded to Oden’s cloud analytics platform in real-time to give manufacturers the full production picture, including real-time factory floor monitoring. So, why is this significant? Essentially, the retrofittable Oden device and resulting data analytics makes the existing factory floor smarter. This includes the ability to spot manufacturing defects or aspects of a machine’s degrading performance that could lead to defects, and more broadly, ways to further optimise production throughput and uptime. The result is a reduction in waste (think: products that need be discarded or are ultimately returned by customers), and an increase in efficiency more generally, helping tech-driven factories retain their competitive edge. In a call with Oden Technologies co-founder and CEO Willem Sundblad, he said that the company’s mission is to help manufacturers achieve “perfect production,” in terms of not only making better products but also making them faster, cheaper and with much less waste. Traditionally manufacturers haven’t had access to the right data and insights to make factories more efficient and productive. However, with the collision of big data, cloud services and new industrial IoT hardware, this is quickly changing and is the exact…

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