Oqton, a US-based manufacturing software developer, has raised over $40m in a series A round co-led by Sweden-based engineering group Sandvik.
Venture capital firm Fortino Capital and government-owned investment fund PMV also co-led the round, which included angel investors Carl Bass, Dries Buytaert and Peter Mercelis as well as Oqton’s co-founders Samir Hanna and Ben Schrauwen.
Founded in 2017, Oqton provides a software platform for manufacturing businesses, with a particular focus on the dental, medical, industrial and aerospace sectors.
The company’s software product consolidates several manufacturing software capabilities such as computer-aided design and product lifecycle management into one platform and can be linked with a variety of specialised machinery and technology.
The proceeds of the round will be used to develop Oqton’s technology platform and expand the company’s commercial partnerships in markets including computer numerical controlled machining, additive manufacturing and robotic welding.
Stefan Widing, president and CEO of Sandvik, said: “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.”