AI for manufacturing solutions provider Oqton secured $40M in funding
Oqton Inc, a San-Francisco based software IT company specializing in Artificial Intelligence supported solutions for the manufacturing industry, has now secured $40 million in Series A funding.
Oqton is founded in 2017 by Ben Schrauwen. It develops AI-powered manufacturing solutions to allow manufacturers to manage, automate, and optimize their additive manufacturing workflows.
The cloud-based platforms link data across the complete manufacturing ecosystem from design to production to logistics. The company also has its offices in Denmark, the US, and China.
Executive Opinion
Samir Hanna, Oqton’s Co-Founder and Chairman, said, "We can already achieve 100% automation in the dental and jewelry verticals, resulting in 30% overall cost reduction. Given the platform strategy, the software can be targeted to many specific industry verticals, like dental, jewelry, medical, industrial, and aerospace, as well as to different personas and workflows within those industries."
Oqton’s Co-Founder and CEO, Ben Schrauwen, said, "We are keen to have new investors on board who can help us scale globally, with both a direct and indirect sales approach. We truly think the time has come for the manufacturing space to embrace the cloud and we are working hard to facilitate this."
Oqton's Latest Funding
The round was backed by the PMV, Fortino Capital, and Sandvik with participation from angel investors.
The company, as of now, has plans to use the new funds to develop its platform and expanding its partnerships in multiple domains and sectors such as Additive manufacturing, Robotic welding, CNC machining, notes the announcement.
The company has partnerships with EOS, Sisma, Trumpf, Prodways, and Sandvik.
PC: Pablo, Unsplash
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Udit Agarwal
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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.
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