Oqton raises $40m for AI-powered platform for manufacturingOqton raises $40m for AI-powered platform for manufacturing
Says it can achieve “100% automation” in the dental and jewelry verticals
January 19, 2021
Automation for the dental and jewelry verticals
Oqton, a software startup focused on AI-powered solutions for the manufacturing industry, has raised $40 million in a Series A funding round.
Oqton’s flagship product enables AI-powered automation and optimization by combining several manufacturing software capabilities, such as computer-aided design and product lifecycle management, into a single platform with the goal of eliminating repetitive tasks.
The platform can be linked to traditional technologies, like computer numerical control (CNC), welding, and post-processing machines for end-to-end manufacturing solutions, promising to make processes faster, more cost-effective, and more adaptable.
The time has come
“We can already achieve 100% automation in the dental and jewelry verticals, resulting in 30% overall cost reduction,” Samir Hanna, Oqton co-founder and chairman, said. “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.”
The financing found was led by Fortino Capital, PMV, the Flemish investment fund, and Sandvik. Also participating were the leadership founding team and several angel investors, including former Autodesk CEO Carl Bass, Dries Buytaert of Drupal and Acquia, and Peter Mercelis of Layerwise.
The funding will be spent on further developing the company’s platform and expanding commercial partnerships in areas including additive manufacturing, robotic welding, and CNC machining.
“We are keen to have new investors on board who can help us scale globally, with both a direct and indirect sales approach,” Ben Schrauwen, Oqton co-founder and CEO, said. “We truly think the time has come for the manufacturing space to embrace the cloud and we are working hard to facilitate this.”
Coinciding with the funding announcement, Schrauwen moves from a CTO post to the CEO role, with Hanna becoming executive chairman.
Oqton has existing partnerships with Sisma, Trumpf, and Sandvik.
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