Stockholm, Sweden –Sandvik AB acquired a minority stake in Oqton, a privately owned American software company and a leading provider of AI-powered manufacturing solutions that enable manufacturers to manage, optimize, and automate manufacturing workflows. Oqton will be managed by Sandvik Manufacturing Solutions’ division Design & Planning Automation, within the business area Sandvik Manufacturing and Machining Solutions, under this deal.
Oqton was founded in 2017 and has three R&D centers located in Belgium, Denmark, and China with a corporate base in San Francisco. The company offers a secure end-to-end cloud-based manufacturing platform that links data across the complete manufacturing ecosystem, from design to production, to logistics. The open and agnostic cloud platform allows manufacturers to run agile factories and manage complex product mixes, with lower inventory and simpler supply chain.
“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”, explained Stefan Widing, President and CEO, Sandvik.
“Oqton’s solution targets inefficiencies and waste in the manufacturing workflow. We believe that our relationship with Oqton will give us further opportunities to define and reduce waste throughout the entire manufacturing process. We share the same desire to automate workflows and make our customers more efficient”, added Mathias Johansson, President - Design & Planning Automation division, Sandvik Manufacturing Solutions.
Image Source: Sandvik Group