Oqton, Inc., an international software company specialising in AI-powered solutions for the manufacturing industry, has announced that it has raised over $40m in a Series A financing round, led by Fortino Capital, PMV, and Sandvik.
The founding team (Samir Hanna and Ben Schrauwen) and several angel investors, including Carl Bass (former CEO Autodesk), Dries Buytaert (Drupal and Acquia), and Peter Mercelis (Layerwise) also participated in the round. The financing will be used to further develop its platform, while expanding its commercial partnerships.
Oqton’s platform is unique in that it combines several manufacturing software capabilities (CAD, PLM, CAM, IOT, MES, QMS) into a single platform, enabling an unprecedented degree of AI-powered automation and optimisation.
Samir Hanna, Oqton’s Co-Founder and Chairman, said: “We can already achieve 100% automation in the dental and jewellery verticals, resulting in 30% overall cost reduction. Given the platform strategy, the software can be targeted to many specific industry verticals, like dental, jewellery, medical, industrial and aerospace, as well as to different personas and workflows within those industries.”
This funding round coincides with the announcement that Ben Schrauwen, Oqton’s CTO, will be taking over as CEO. Samir Hanna, Oqton’s Co-Founder and leaving CEO, will become Executive Chairman. Both Samir Hanna and Ben Schrauwen are serial entrepreneurs, previously at Autodesk together, where they spent 10 and four years respectively in senior executive positions before founding Oqton.