Embracing American Dynamism to Upgrade Manufacturing Production With Oden CEO Willem Sundblad
$28.5M Series B round led by Nordstjernan Growth, a 130-year old Swedish investment institution
Embracing American Dynamism to Upgrade Manufacturing Production With Oden CEO Willem Sundblad
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In this episode, Molly O'Shea talks with Willem Sundblad, Co-Founder and CEO of Oden Technologies which has just announced a $28.5M Series B round led by Nordstjernan Growth, a 130-year old Swedish investment institution.
New investors in the round include Klarna founder Sebastian Siemiatkowski's investment company, Flat Capital, Oden customer & Touchdown Ventures’ corporate partner INX International Ink Co., and Recurring Capital Partners, with participation from almost all existing investors, including Atomico and EQT Ventures. Ebba Lilliehöök, from Nordstjernan Growth, and Anders Berggren, an independent manufacturing executive, will join Oden's board as part of the round
This conversation covers the massive opportunity in optimizing factory operations and product quality on the ground level, the labor challenge plaguing the industry, why more talent should consider manufacturing operator careers, how Oden found PMF with Process AI, how to sell into manufacturing, and where Oden fits into the paradigm of American Dynamism and US reshoring.
Willem, who grew up on the factory floor, offers a deep dive for those looking to understand granularly what it’s like to work in a manufacturing setting, the tangible problems to solve, and the potential outsized impact one can make working in the field.
Stats
Oden has 2x recurring revenue YoY for the last two years
Use of Capital
Accelerate the development of AI products, like Process AI, that solve pressing manufacturing pain points that have led to an industry wide productivity plateau
Further improving data accuracy, the capture and distribution of domain knowledge, and expanding recommendation capabilities, all of which are possible due to Oden’s proven, turnkey data engine
Labor Problems + Oden’s Results
Labor productivity challenge caused by an average 50% 3-month retention rate for operators, and a time to productivity of >2 years on the line.
Operator adoption has been outstanding, with over 80% of runs utilizing the recommendations within enabled lines; which has increased line speeds by more than 40% at some customers.
Resources + Timestamps:
Demo of Process AI:
Process AI gives operators the information they need to optimize their runs for cost savings, increased output, or other corporate objectives in real-time through prescriptive process recommendations and predicted outcomes.
Timestamps:
(00:00) Preview and Intro
(02:09) Oden Technologies' Series B Round Composition
(04:25) Willem's Childhood Journey to Manufacturing
(06:42) How to Sell to the Manufacturing Industry: Oden's Approach and Impact
(09:05) The Huge Challenge of Operator Turnover In Manufacturing
(10:38) What an Actual Day Looks Like for an Operator Inside a Manufacturing Facility
(14:07) The Quality Prediction Problem that Led to Process AI
(18:19) Selling to Legacy Industries
(24:37) AI-driven Solutions for Manufacturers
(30:37) Labor Challenges
(38:55) Growth Plans for Oden
(44:14) The Larger Impact of Joining the New Wave of Tech-Enabled Manufacturing Companies
(46:44) Wrap
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