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Oslo-based OTee secures €1.25M funding for industrial automation software

Feb 05, 2024•almost 2 years ago

Amount Raised

€1.25 Million

Round Type

seed

NorwayAutomation Machinery Manufacturing

Investors

Olav SlupphaugSnorre LarsenTrond Riiber KnudsenGunnar EvensenStartup LabAntlerSuperangelRunway Fbu

Description

OTee has secured €1.25 million in its latest funding round, led by Norwegian venture capital fund RunwayFBU and Estonia’s Superangel, with participation from existing investor Antler, alongside new investor StartupLab, and a host of angel investors including Gunnar Evensen, Trond Riiber Knudsen, Snorre Larsen and Olav Slupphaug. According to the startup, the investment marks a new chapter in the history of the company, propelling it to a new operational phase, and providing credibility on the world stage.

Company Information

Company

OTee

Location

Norway

About

OTee is an Industrial Automation (OT) startup making it possible for the millions of automation engineers in the world to create and manage industrial-grade virtual control systems through a B2B SaaS engineering platform. The fourth industrial revolution has finally arrived, and the era of the DCS and the PLC is soon to be over.

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Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers