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Tuesday, February 27, 2024

Norway’s OTee receives €1.25M to drive open-control evolution in industrial automation

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Oslo-based OTee has secured €1.25 million in funding, led by RunwayFBU and Superangel, with contributions from Antler, StartupLab, and a group of angel investors including Gunnar Evensen, Trond Riiber Knudsen, Snorre Larsen and Olav Slupphaug. OTee focuses on industrial automation software, aiming to modernize operations by promoting open control system architectures. The funds raised will be used to further develop their engineering platform, which facilitates the design, deployment, and management of virtual control systems. The company aims to address the evolving market demand for cost-effective and sustainable industrial control systems, aligning with the shift towards open control system architectures and Industry 4.0 initiatives.

OTee specializes in Industrial Automation (OT), aiming to eliminate vendor lock-in. The company provides a B2B SaaS engineering platform that enables automation engineers worldwide to design, deploy, and manage open-standard, cloud-based virtual automation systems. OTee anticipates a shift in the industry, envisioning the obsolescence of traditional OT hardware like industrial controllers and HMI, as it navigates the fourth industrial revolution.

CEO and co-founder Henrik Pedersen says, “The technology and the business model in OT are similar to what IT had in the 90s and early 2000s. Every industrial asset has its own locally installed control system, locked into one vendor, with an expensive life cycle management that has a focus of maintaining, not improving. Based on the customer interest we are seeing, we can safely say that the market is changing, driven by customers asking for open control system architectures, and the Industry 4.0 community. We want to be a driving force in this upcoming disruption and help end customers and their automation partners modernise operations with no physical intervention.”

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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