Oden Technologies
Canvas Category Software : Operational Technology : IIoT
Oden Technologies is an intelligent industrial automation and AI-powered analytics provider. Our AI-powered production recommendation system enables manufacturers to optimize their production and hit peak factory performance.
Assembly Line
Oden Technologies raises $28 million for AI analysis of manufacturing data
Oden Technologies, the leading data and AI software company servicing the manufacturing industry, announced today the close of a $28.5 million Series B round, led by Nordstjernan Growth. The funding will primarily be used to further accelerate the development of AI products for the manufacturing industry.
New investors in the round include Klarna founder Sebastian Siemiatkowski’s investment company, Flat Capital, Oden customer INX International Ink Co., and Recurring Capital Partners, with participation from almost all existing investors, including Atomico and EQT Ventures. Ebba Lilliehöök, from Nordstjernan Growth, and Anders Berggren, an independent manufacturing executive, will join Oden’s board as part of the round.
This round of funding comes on the heels of the huge success of Process AI, Oden’s machine-operator centric product. Process AI gives operators the information they need to optimize their runs for cost savings, increased output, or other corporate objectives in real-time through prescriptive process recommendations and predicted outcomes. These capabilities enable new operators to perform like experienced ones, which solves a major labor productivity challenge caused by an average 50% three-month retention rate for operators, and a time to productivity of more than two years on the line. Operator adoption has been outstanding, with over 80% of runs utilizing the recommendations within enabled lines; which has increased line speeds by more than 40% at some customers.
🧠Data Driven Optimization - AI, Analytics IIoT and Oden Technologies
If you can predict that offline quality test in real time, so that you know, in real time, that you’re making good products, it reduces the risk to improve the process in real time. We actually use that type of modeling to then prescribe the right set points for the customer to reach whatever outcome they want to achieve. If they want to lower the cost, lower the material consumption and lower energy consumption, increase the speed, then we actually give them the input parameters that they need to use in order to get a more efficient output.
And then the last step, which is more exploratory, which we’re working on now is also generating work instructions for the operators, kind of like an AI support system for the operator. Because still, and we recognize this, the big bottleneck for a lot of manufacturers is talent. Talent is very scarce, it’s very hard to hire a lot of people that can perform these processes, especially when they say that it’s more of an art than a science. We can lower the barrier to entry for operators to become top performers, through recommendations, predictions and generative AI for how to achieve high performance. By enabling operators to leverage science more than art or intuition, we can really change the game in terms of how we make things.
Oden Technologies' Announces Patent Approval For Cloud/Edge Platform
Oden Technologies, a manufacturing technology company helping manufacturers make faster and better decisions through guided analytics, announced today the U.S. Patent and Trademark Office has issued U.S. patent number 10725466 for its cloud and edge manufacturing data processing system.
Oden’s patented cloud/edge hybrid approach to machine learning provides uninterrupted operations that can be deployed across cloud, edge, or a hybrid of the two. It enables smart manufacturers and intelligent factories to operate with exceptional adaptability and responsiveness.
Oden Raises $10M Series A to Fuel the Digital Transformation in Manufacturing
Oden Technologies, an Industrial IoT company that provides manufacturing data analytics, today announces that it has closed a $10m (£7.6m) Series A round led by Atomico, with participation from existing investors including EQT Ventures and Inbox Capital, and seed investors. Atomico CEO, and co-founder of Skype, Niklas Zennström will join the company’s board.
Manufacturing – a $12tn sector globally, accounting for 16.6% of global GDP – is on the brink of a new machine age in which the industrial Internet of Things (IIoT) and cloud analytics are set to transform existing production processes, slash waste, drive efficiencies and increase output. Today, manufacturing industry is plagued with inefficiencies as high as 30 – 60 percent. The adoption of data analytics to drive efficiencies combats the shortage of in-house data engineering talent and lengthy project roll-outs. While industrial automation incumbents, such as Rockwell Automation, can take 12 – 18 months to roll out its analytics tools, Oden’s cloud-based data analytics platform can be live 10 times faster and immediately deliver actionable insights.