Swedish software startup raises €3m from Finnish tech company
Located in Träslövsläge, Ekkono solutions raises 3 million euros in development capital from Etteplan Oyj, the Finnish company providing engineering services. Etteplan joins existing investors by acquiring 20% of the company and will become a reseller of Ekkono’s software, enabling product companies to rapidly develop custom smart functions that are self-learning, predictive and sustainable. The startup was born out of seven years of machine learning research at the University of Borås. The capital will be invested in the growth of the business. With this strategic partnership, they aim to accelerate the fourth industrial revolution of machines.
Ekkono raises 3 million euros and adds a strategic investor
Ekkono Solutions AB, a global pioneer in Edge Machine Learning software, today announced the closing of a €3 million funding round. In the financing, existing Ekkono investors are joined by Finnish technology services company Etteplan Oyj (HEL:ETTE) which is acquiring 20% of the company. In addition to the investment, Etteplan will resell Ekkono’s software to drive the fourth industrial revolution to its customers in machinery and equipment manufacturing.
“Etteplan is a perfect investor for us”, said Jon LindenCEO of Ekkono. “Not only are we gaining growth capital to take Ekkono to the next level, but we are also expanding our reach to more customers with a partner who can provide end-to-end solutions and lend credibility to disruptive technology like ours. We have an overlap of clients, which shows that we and Etteplan work with industry leaders in digital transformation. »
“Digital technology offers Etteplan enormous growth potential”, said Juha NakkiPresident and CEO of Etteplan. “It’s an exciting step for us as we’re investing in a tech start-up, but we found such a great product and a strong team at Ekkono that they convinced us to go ahead.”
The proceeds will primarily be used to accelerate business growth.
“The past two years have been difficult because the pandemic has been bad for new product innovation,” says Jon Linden. “A lot of customer projects have been postponed. But we have seen a dramatic increase in activity since the middle of the first quarter of this year, which started to bear fruit in the second quarter. Now it’s time to step up and capitalize on our first mover advantage. It is a testament to our positioning, our team, our technology and our achievements that we can complete this round of financing under current market conditions.
Ekkono was founded in 2016 based on the results of over seven years of research at the University of Borås. The technology is mature and proven by several leading global OEMs who are customers and use the technology for custom predictive maintenance and performance optimization. Ekkono’s technology drives the dual transition of digitalization and sustainability through smart, self-learning, personalized and predictive features on everything from engines, compressors and heat exchangers to trucks, turbines, hospital ventilators and air filtration. The key to all this is that each individual product learns, during its operation, how, where and for what it is used, to adapt it. This drives the automated mass personalization of things, enabling the Internet of Things (IoT) and Industry 4.0 to take off.
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