Oqton raises $40m with Sandvik acquiring minority stake in software firm

Automation software company Oqton has raised more than $40m in a Series A financing round, with Sandvik among the investors.

The round was led by software investor Fortino Capital, with regional investment fund PMV joining Sandvik, former Autodesk CEO Carl Bass, Drupal founder Dries Buytaert and LayerWise co-founder Peter Mercelis in raising funds for the software provider. Sandvik’s contribution has landed the company a minority stake in Oqton.

Oqton has said the investment will be harnessed to further develop its technology offering, which combined an array of manufacturing software capabilities from CAD, PLM, CAM, MES and QMS, into a single platform. The company believes its software enables users to gain an ‘unprecedented level of AI-powered automation and optimisation’, with them able to eliminate repetitive tasks, access technology remotely and optimise production planning. These capabilities are applicable across the additive manufacturing, robotic welding and CNC machining domains, in which Oqton also plans to expand its commercial partnerships. In additive manufacturing alone, the company already worked with EOS, Trumpf, Prodways and Sandvik.

As the company plans to enhance its offering and increase its reach across industry, Oqton has also announced that co-founder and CEO Samir Hanna is to become the Executive Chairman, with CTO Ben Schrauwen stepping in as CEO.

“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,” commented Hanna.

“We are keen to have new investors on the board who can help us scale globally, with both a direct and indirect sales approach,” added Schrauwen. “We truly think the time has come for the manufacturing space to embrace the cloud and we are working hard to facilitate this.”

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