Nordstjernan Growth
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.