Having drawn attention from the global investor-community as a fast-emerging Industrial IoT startup, New York-based Oden technologies announced the successful completion of its Series A round earlier this week.
The company plans on using the $10 million raised in the latest round to expand its engineering and R&D teams, in addition to focusing on customer growth with the help of new sales teams in several U.S. cities.
Oden Technologies started its journey as a London-based startup before moving to New York City. The company prides itself as an Industry 4.0 firm with its own portfolio of industrial IoT hardware, and “big data architecture.” All of Oden’s products and services are geared toward helping manufacturers analyze and optimize factory productions.
“We analyze and process that data so customers understand how much excess material they are putting on the product, alerting for when things are bad or will be bad, and [doing] trends analysis for how the product can be optimized. It all comes back to ROI for customers, which always comes from more uptime, less scrap, and more good quality output,” said Willem Sundblad, Founder, and CEO of Oden Technologies in a conversation with TechCrunch.
On a related note, Oden recently recruited Deepak Turaga as a Vice President of its Data Science unit. Turaga is an Adjunct Associate Professor at Columbia University and has previously served IBM as a Distinguished Research Staff member.