The funding will be used to further grow its network while extending its market relationships across various sectors and verticals (additive manufacturing, robotic welding, CNC machining).
FREMONT, CA: Oqton, a U.S.-based and Belgium-based software company specializing in AI-powered applications for the automotive sector, today reported that it has raised over 40 million dollars in the Series A funding round, led by Fortino Capital, a major B2B software investor, PMV, the Flemish Regional Investment Fund, and Sandvik, a global innovation firm.
The founding team (Samir Hanna and Ben Schrauwen) and a number of angel investors, including Carl Bass (former CEO of Autodesk), Dries Buytaert (Drupal and Acquia), and Peter Mercelis (Layerwise), also participated in the round. The funding will be used to further grow its network while extending its market relationships across various sectors and verticals (Additive manufacturing, Robotic welding, CNC machining).
"We can already achieve 100 percent automation in the dental and jewelry verticals, resulting in 30 percent 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," said Samir Hanna, Co-Founder and Chairman, Oqton.
The Oqton's platform is unique in that it incorporates a range of manufacturing software capabilities (CAD, PLM, CAM, IOT, MES, QMS) into a single platform, allowing an unparalleled degree of AI-powered automation and optimization. Users will automatically collect expert information and eradicate redundant processes, access technology centrally and across different sites, and maximize production preparation to enhance utilization and output.
With complete integration, users can also connect the application to their conventional technology, such as CNC, welding, and post-processing equipment, for a full end-to-end manufacturing solution, making their operations quicker, more adaptable, and more cost-effective. Oqton has formed relationships with EOS, Sisma, Trumpf, Prodways, and Sandvik.
"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," Ben Schrauwen, Co-Founder and CEO, Oqton.
This funding round corresponds with the announcement that Ben Schrauwen, Oqtons CTO, will take over as CEO. Samir Hanna, Oqtons Co-Founder and CEO, will become Executive Chairman. Both Samir Hanna and Ben Schrauwen are serial entrepreneurs, formerly together at Autodesk, where they spend ten and four years in senior executive roles until the creation of Oqton.