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New York-based industrial IoT startup Oden Technologies just raised $10 million for manufacturing data analytics

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Oden Technologies, a New York-based industrial IoT (IIoT) startup that offers hardware and software to enable data analytics, has raised $10 million in a Series A funding round, reports TechCrunch. The round was led by Atomico, with participation from EQT Ventures and Inbox Capital. Oden will use the money to expand its research and development programs, as well as to enhance sales efforts.

Annual IoT Spending in Manufacturing
BI Intelligence

Oden works primarily with manufacturing companies to allow them to gain insight into their operations through the introduction of IIoT technology. The company uses customized hardware paired with a data integration and analysis platform that pulls data from machinery, and uses that to provide insights to the customer. The hardware adapters are able to connect to a wide variety of machinery in manufacturing environments, including legacy hardware, so Oden isn’t limited to newer facilities.

Here's how a manufacturing company might benefit from an IIoT solution like Oden’s:

  • It could reduce raw material waste. An IIoT solution can record the output of manufacturing machinery, measuring what goes into the equipment for each individual product and what comes out. Some of these products will need to be discarded due to manufacturing defects or some other flaw, which is a normal part of the manufacturing process. Software like Oden’s can identify trends in the performance of the individual pieces of machinery and allow companies better track and reduce waste.
  • Increase production uptime. Sensors built into equipment can also monitor the details of manufacturing production beyond raw material use. Oden’s solution, for instance, offers extensive analysis of various temperatures of the product being produced, the manufacturing equipment, as well as the supporting infrastructure, like cooling systems. Companies can use this data for predictive maintenance, and shut down systems automatically as they overheat. The software can also identify less critical issues that lead to inefficiencies in production, like elevated motor speed that doesn’t necessarily cut down production time.

Manufacturing is one of the top segments for IoT investment due to the clear and quantifiable effects solutions can have on operations. Business Insider Intelligence forecasts that annual IoT spending in manufacturing will reach nearly $450 billion annually by 2023.

Companies like Oden Technologies are looking to take advantage of that growth by drawing in funding and building a base from which they can easily scale. Pairing a hardware solution with powerful analytics software to form a turnkey offering is likely a smart approach, and it could put Oden in a position to grab a large slice of the growing market.

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