OTee, an Oslo-based developer of industrial automation software, has raised €1.25 million in its latest funding round.
Led by Norwegian venture capital fund RunwayFBU and Estonia’s Superangel, the round drew participation from existing investor Antler, alongside new investor StartupLab, and a host of angel investors including Gunnar Evensen, Trond Riiber Knudsen, Snorre Larsen and Olav Slupphaug.
According to the startup, the investment marks a new chapter in the history of the company, propelling it to a new operational phase, and providing credibility on the world stage.
OTee provides an engineering platform for designing, deploying, and managing virtual control systems based on open architecture and standards. Essentially, the company has the potential to enable cheaper, faster, more sustainable, and more secure industrial control systems automation engineers around the globe.
Former ABB executive and OTee CEO and co-founder Henrik Pedersen shared:
"The technology and the business model in OT are similar to what IT had in the 90s and early 2000s. Every industrial asset has its own locally installed control system, locked into one vendor, with an expensive life cycle management that has a focus of maintaining, not improving.
“Based on the customer interest we are seeing, we can safely say that the market is changing, driven by customers asking for open control system architectures, and the Industry 4.0 community. We want to be a driving force in this upcoming disruption and help end customers and their automation partners modernise operations with no physical intervention.”
Lead image: OTee co-founders Henrik Pedersen and Radek Janik.