AI-powered manufacturing company Oqton has raised over US$40m (£29.2m) in a Series A financing round to further develop its production platform for Industry 4.0.
The combines several manufacturing software capabilities – CAD, PLM, CAM, IOT, MES, QMS – into a single platform, enabling what the Belgium-based company described as “an unprecedented degree of AI-powered automation and optimisation”.
According to Oqton, users can automatically capture expert knowledge and eliminate repetitive tasks. The platform also provides remote access to technologies across multiple sites and optimises production planning to improve utilisation and quality.
This latest funding round was led by B2B software investor Fortino Capital, engineering group Sandvik, and PMV, the regional Flemish investment fund. It will enable the company to strengthen the AI-powered platform and expand its commercial partnerships in multiple sectors including additive manufacturing, robotic welding and CNC machining.
To date, Oqton has established partnerships with EOS, Sisma, Trumpf, Prodways and Sandvik.
Samir Hanna, Oqton’s chairman, said: “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.”
