Our investment in Oden Technologies: driving the digital transformation of manufacturing
Manufacturing is a $12tn sector globally, accounting for 17% of global GDP, yet remains largely untouched by the kind of digital technology-enabled transformation that has fundamentally reshaped other global sectors of equal size. As a result, today’s manufacturing industry is also plagued with inefficiencies as high as 30 – 60 percent.
At Atomico, our thesis is that this is all about to change. We believe that the global manufacturing industry is on the brink of a new machine age; one in which the industrial Internet of Things (IIoT) and cloud analytics, coupled with machine learning and artificial intelligence, are set to transform existing production processes, slash waste, drive incredible efficiencies and increase output. The adoption of data analytics, in particular, to drive efficiencies combats the shortage of in-house data engineering talent and lengthy project roll-outs.
More broadly, our firm-wide thesis is that we exist to find the next generation of world-leading companies, led by exceptional founders, at Series A and beyond. Founders who are keen to reshape the world, or an entire industry, in favour of something better for everyone. Our job is to help accelerate the process of turning those founder’s visions into reality.
If you trace the path of each global thesis to the point where they intersect you will find Oden Technologies, which is why we are so proud to announce our Series A investment the company today.
Oden Technologies combines industrial hardware, wireless connectivity and a sophisticated data pipeline to produce an unprecedented view of the factory floor and its production processes. With the deployment of Oden Technologies on the factory floor, issues are caught up to 95% faster (i.e. in minutes or hours, versus weeks), cutting waste by hundreds of thousands of dollars per year per plant, while increasing output by 10-15% through increased steady-state line speed.
While industrial automation incumbents can take 12 – 18 month to roll out analytics tools, Oden’s cloud-based data analytics platform can be live 10 times faster and immediately deliver actionable insights.
We have followed Oden Technologies co-founders Willem and Peter since they started their business at Second Home here in London, before expanding to New York to meet customers demand. Starting with plastic extrusion, we have been increasingly impressed with Willem and Peter’s vision and ambition, as well as their ability to execute towards that vision.
We are looking forward to supporting them on the next stage of their journey towards turning that vision into a global reality.