Year In Review - 2021
2021 was a special year for Oqton. Overcoming challenges and creating new opportunities, we learned valuable lessons and expanded our vision for future growth. We are grateful to partners, customers, and employees for making all our goals happen and being with us through each important milestone.
And what milestones did we have...
The year started with a bang as we successfully raised over $40M in a Series A financing round. We used this opportunity to develop the Oqton platform further while expanding commercial partnerships in multiple domains and verticals (additive manufacturing, robotic welding, CNC machining).
Customers in the spotlight
Along the road, we kept on evolving as a team always focused on improving our solution. We relied on valuable feedback from our partners and especially our customers through this process. This year, we shared inspiring customer stories where Oqton completely transformed their workflow.
Custom Color 3D Printing is a start-up based in the USA, specializing in a range of services, including production polymer additive manufacturing and rapid prototyping. Thanks to Oqton, they optimized the build preparation process and filled the gaps in their production.
Crown Ceram now streamlines and manages all eight milling machines, five 3D printers for resin, three 3D printers for metal, together with many different makes and models in the Oqton platform. With increased productivity, substantial cost savings, and reduced data preparation time, they were able to successfully scale up and improve its position in the market.
We continuously test and improve our solution to quickly adapt to the ever-changing market while exceeding the needs and demands of our customers.
3D Systems to Drive Adoption with the Acquisition of Oqton
September was our most dynamic time of the year with many changes — an outset of the 3D Systems acquisition being the most important one.
Our best-in-class platform is tailored for flexible production environments that increasingly utilize a range of advanced manufacturing and automation technologies, including additive manufacturing (AM) solutions, in their production workflows. Oqton will operate as independent organization and solution platform company, ensuring data security and confidentiality for customers.
Based on available data, it is estimated that spending in smart manufacturing is $1.5 billion today with an expected expansion to $6 billion by 2025. The purchase consideration for this transaction totaled $180 million, comprising cash and 3D Systems’ stock. With the addition of Oqton, 3D Systems expects the run rate revenue from software to exceed $100 million by the end of 2025.
Nominated as One of the Most Promising Manufacturing Tech Solution Providers in 2021
The industry experts also recognized our AI-based solution as the CIO Review Magazine named Oqton one of the most promising manufacturing solutions in 2021.
By joining the class 2021 of innovative companies, Oqton confirms its status as a trailblazer in manufacturing technology solutions. Following this acknowledgment, our CEO, Benjamin Schrauwen, talked to the CIO Review Magazine about Oqton, market positioning, and ambitious plans.
2021 was indeed a productive year for us, driven by efficient and dynamic collaboration. We are encouraged to share ideas and input through open communication channels, which helps us be on the same page, moving in the same direction toward the same goal.
Introducing the New Expanded Software Portfolio
As of November 1st, we finalised the 3D Systems merger and presented our new expanded software portfolio for the first time at Formnext 2021.
Oqton’s portfolio now includes 3DXpert®, 3D Sprint®, its Geomagic® portfolio, and Additive Works' Amphyon™ - as both standalone products as well as optional add-ons to the Oqton MOS platform. By building one consolidated software portfolio, Oqton intends to make these disparate tools cloud-connected to enable seamless workflows to provide a unified solution.
This expanded software portfolio and our expertise in artificial intelligence and automation and machine learning, will help our customers and partners scale and connect different manufacturing processes in a wide range of healthcare, biotech, and industrial market verticals.
By joining 3D Systems, Oqton will also expand as a team. We are thrilled to welcome new and future employees who will contribute with their experience and expertise and help us deliver a state-of-the-art solution for additive manufacturing in production environments.
That’s a wrap for 2021!
Oqton is entering a new era thanks to you and your massive support. We cannot wait to see what next year has in store for us!