London-founded industrial IoT (IIoT) analytics startup Oden Technologies has raised $10 million in a Series A round led by Atomico, with participation from existing investors including EQT Ventures and Inbox Capital. Niklas Zennström, Atomico CEO and co-founder of Skype, will join the company's board.
The startup claims that its cloud-based data analytics platform for IIoT applications can be rolled out 10 times as fast as some competing solutions by the industry's incumbents such as Rockwell Automation.
“The combination of IIoT, Big Data analytics, cloud computing, and machine learning marks a new era for the industry, by not only unlocking efficiencies and reducing waste of materials but enabling smaller batch sizes, more personalised products and greater innovation too,” Zennström said. “[The co-founders of Oden Technologies Willem Sundblad and Peter Brand] have both the scale of vision and exceptional ability to execute to be in the vanguard of this shift—and the potential to transform manufacturing.”
Oden Technologies states that its hardware sensors can plug into most industrial machines, while its software pulls data from existing ERP systems and quality control systems on the manufacturing line. The numbers are then crunched in the cloud to provide real-time analytics and monitoring capabilities.
Currently, Oden has customers working in the industries of packaging, wire and cable, building products, and automotive. The company is planning to use the funding to expand the R&D and engineering teams in its New York office, as well as get new sales teams on the ground in Illinois, Ohio and Texas. In addition to that, it has recently hired Deepak Turaga, Adjunct Associate Professor at Columbia University, as VP of Data Science.
In the picture: Willem Sundblad and Peter Brand, co-founders of Oden Technologies