Oqton announces Ben Schrauwen as CEO and Samir Hanna stepping to Executive Chairman along with raising over $40m Series A funding

– BELGIUM, Ghent / USA, CA –  Oqton, Inc., the U.S.- and Belgium-based software company specializing in AI-powered solutions for the manufacturing industry, today announced that it 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.

This funding round coincides with the announcement that current CTO Ben Schrauwen will be taking over as CEO succeeding Co-Founder Samir Hanna who will become Executive Chairman.

The founding team and several angel investors, including Carl Bass, Dries Buytaert, and Peter Mercelis also participated in the round.

The financing will be used to further develop its platform while expanding its commercial partnerships in multiple domains and verticals (Additive manufacturing, Robotic welding, CNC machining).

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’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.”

About Oqton

Oqton develops AI-powered manufacturing solutions to allow manufacturers to manage, optimize, and automate their additive manufacturing workflows. Their software offering is a secure, cloud-based platform that links data across the complete manufacturing ecosystem – from design to production to logistics. Founded in San Francisco, Oqton is based in Ghent, Belgium, with offices in the US, China, and Denmark.

For more information: https://www.oqton.com/

About Fortino Capital Partners

Fortino Capital Partners is a Benelux-focused enterprise software investor with a pan European reach. Fortino Capital invests in both Venture Capital and Growth private equity assets. With offices in Antwerp and Amsterdam, Fortino Capital’s investment portfolio includes Teamleader, Insided, MobileXpense, Efficy CRM, Sigma Conso, and iObeya among others.

About PMV

PMV is a do and dare company that shapes the economic future of Flanders. PMV finances promising companies from the very start to growth and internationalization. PMV offers tailor-made financial solutions for every entrepreneur with a solid business plan and a strong management team, by providing venture capital, loans, and guarantees. An experienced and highly motivated team of 125 professionals endeavors every day to achieve the goal of creating prosperity and well-being in Flanders. PMV has a portfolio of about € 1.3 billion in assets under management.

About Sandvik Group

Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability, and safety. Sandvik holds world-leading positions in selected areas – tools and tooling systems for metal cutting; equipment and tools, service and technical solutions for the mining industry and rock excavation within the construction industry; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2019, the Group had approximately 40,000 employees and revenues of about 100 billion SEK in more than 160 countries within continuing operations.

- DisclaimerNews, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.