[Funding alert] Oslo-based OTee Secures €1.25 Million in Funding

Monday 5, 2024 | By Startup Rise EU

Oslo-based OTee secures €1.25 million in funding. RunwayFBU, a Norwegian venture capital fund, and Superangel, an Estonian fund, led the investment. Antler, StartupLab, and angel investors Gunnar Evensen, Trond Riiber Knudsen, Snorre Larsen, and Olav Slupphaug also participated.

Oslo-based OTee secures €1.25 million in funding. RunwayFBU, a Norwegian venture capital fund, and Superangel, an Estonian fund, led the investment. Antler, StartupLab, and angel investors Gunnar Evensen, Trond Riiber Knudsen, Snorre Larsen, and Olav Slupphaug also participated.

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In addition to launching OTee into a new operating phase, this sizeable funding confirms the company's status as a strong Nordic worldwide startup.

OTee’s CEO and Co-founder, Henrik Pedersen said, “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 on 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 modernize operations with no physical intervention,”.

The Investor Manager at RunwayFBU, Peder Hjermann said, “We have followed OTee since 2022 and are impressed with how the team has worked relentlessly to solve key issues within Operational Technology today,” “In our opinion, the open standard SaaS platform can unlock the true power of industrial automation and new opportunities within artificial intelligence and machine learning. The strategic partnership with RunwayFBU and Superangel not only provides substantial financial support but also access to an extensive industrial network,”.

Applications for OTee may be found in practically every industry, demonstrating the company's enormous market potential. With a focus on virtual Programmable Logic Controllers (vPLCs), OTee sets itself apart by providing a software-as-a-service (SaaS) platform with a zero-trust cybersecurity architecture that separates the hardware and software.

Read also - Dutch AI Startup Whispp Secures €750k in Seed Funding

OTee was co-founded by Henrik Pedersen and Radek Janik, said, “The team is crucial to our success, and we are putting a lot of energy into finding the top global talents that will change this industry. Currently, we have a unique and diverse team: two from Ukraine, two from Poland, one from Iran, two from Norway, and one recently joined OTee from Germany. They are all at the level where they could’ve joined any high-performing organization, and we are very proud that they have chosen OTee,”.

Investment Associate at Superangel, Céline Pattyranie said, “With their cutting-edge engineering platform, OTee empowers millions of automation engineers to effortlessly create and manage virtual control systems. We are confident in the team’s expertise and innovative approach to have a global impact on the industrial automation sector. Superangel is excited to participate in the investment into OTee and to support them on this journey,”.

About OTee

OTee, which was established in 2022, offers an engineering platform of the highest caliber for creating, implementing, and overseeing virtual control systems that adhere to open standards and architecture. Fundamentally, the OTee platform has the ability to revolutionize industrial control systems by making them more affordable, quicker, secure, and sustainable for millions of automation experts across the globe.

Read also - Lyon-based ENYO Pharma Secures a €39 Million in Series C Round Funding

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