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Oqton raises $40M in series A financing round

Metal AM powder giant Sandvik acquires stake

Oqton, a software company specializing in AI-powered solutions for the manufacturing industry, has raised over $40M in a Series A financing round, led by Fortino Capital, a leading B2B software investor, by PMV, the regional Flemish investment fund, and by Sandvik, a global engineering group. In particular, Sandvik—which manufactures AM powders and provides metal AM services— also acquired a minority stake in the company.

“This investment is in line with our strategic agenda to broaden our offering in digital manufacturing. We are looking forward to working with Oqton and finding ways to expand our offering for increased customer productivity by creating new products that take advantage of Sandvik’s extensive know-how about manufacturing processes and Oqton’s AI-powered manufacturing solutions”, said Stefan Widing, President and CEO of Sandvik.

The founding team (Samir Hanna and Ben Schrauwen) and several angel investors, including former Autodesk CEO Carl Bass, Dries Buytaert (Drupal and Acquia), and Peter Mercelis (Layerwise) also participated in the round. The financing will be used to further develop Oqton’s platform while expanding commercial partnerships in multiple domains and verticals (Additive manufacturing, Robotic welding, CNC machining).

Oqton raises $40M

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 optimization. Users can automatically capture expert knowledge and eliminate repetitive tasks, access technologies remotely and across multiple sites, and optimize production planning to improve utilization and quality.

Samir Hanna, Oqton’s Co-Founder and Chairman, said: “We can already achieve 100% automation in the dental and jewelry verticals, resulting in 30% overall cost reduction. Given the platform strategy, the software can be targeted to many specific industry verticals, like dental, jewelry, medical, industrial and aerospace, as well as to different personas and workflows within those industries.”

Oqton raises $40M

Being fully integrated, users can also link the platform to their traditional technologies, such as CNC, welding, and post-processing machines for a truly end-to-end manufacturing solution, making their processes faster, more adaptable, and more cost-effective. Oqton has already established partnerships with EOS, Sisma, Trumpf, Prodways and Sandvik.

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

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.

Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based 3dpbm. Today the company publishes the leading news and insights websites 3D Printing Media Network and Replicatore, as well as 3D Printing Business Directory, the largest global directory of companies in the additive manufacturing industry.

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