OTee Secures €1.25M to Revolutionize Industrial Automation
Oslo-based tech innovator OTee has secured an investment of €1.25 million in a funding round led by Norwegian venture capital fund RunwayFBU and Estonian fund Superangel. This substantial capital injection positions OTee as a formidable international player in the tech startup landscape.
Founded in 2022, OTee is at the forefront of industrial innovation, providing an advanced engineering platform for designing, deploying, and managing virtual control systems. Their platform operates on open architecture and standards, offering a potential game-changer for automation engineers worldwide. Henrik Pedersen, OTee’s CEO and Co-founder, brings 11 years of experience from ABB and envisions a disruptive shift in the Industrial automation (OT) domain. Pedersen asserts,
“The market is changing, driven by customers demanding open control system architectures and the Industry 4.0 community. OTee aims to be a driving force in this upcoming disruption, facilitating modernization without physical intervention.”
The €1.25 million investment is vital in advancing OTee’s mission to revolutionize industrial control systems.
Unlocking Potential
Peder Hjermann, Investor Manager at RunwayFBU, expresses admiration for OTee’s relentless efforts in addressing issues within Operational Technology. He emphasizes the potential of the open standard SaaS platform to unlock the true power of industrial automation. The partnership with RunwayFBU and Superangel provides financial support and access to an extensive industrial network.
OTee’s applications span diverse industries, showcasing the company’s limitless market potential. Specializing in virtual Programmable Logic Controllers (vPLCs), OTee distinguishes itself with a SaaS platform built on a cybersecurity zero-trust architecture. This enables the modernization of old control systems without physical intervention and eliminates vendor lock-in.
With the recent investment and a dedicated team driving innovation, OTee is poised to impact the industrial automation sector. As they continue to push boundaries and challenge conventions, OTee’s journey toward revolutionizing industrial automation promises to reshape industries and drive sustainable growth in the years to come.
