Varberg, April 25, 2019; Ekkono Solutions that does machine learning for IoT (Internet of Things) has closed another €1.8M in funding. The round was led by the Swedish family office Lindeblad Venture, supported by existing investors, Walerud Ventures and Almi Invest.
“This enables us to expedite our growth plan”, says Jon Lindén, CEO of Ekkono. “Already today we have contracts with eight multi-nationals in Scandinavia, which is a strong reference portfolio for our international expansion. And as a software company with a solution that every product company needs, we address a global market.”
Recently back from Hannover Messe, and awarded Catalyst Company by Business Sweden, first step in the internationalization is Germany. Ekkono’s product is designed to enable companies in all industries to make their products smart, and two verticals that have been early adopters are Industrial Automation and Automotive.
“Timing is everything”, says Jon Lindén. “We’ve been lucky to be a pioneer with a mature product, but at the same time not being too early to market. Today, most product companies have Edge Machine Learning on their agenda. The market is taking off as they see the benefits of predictive maintenance, self-configuring products, making products more intuitive, and enabling data-driven business models. In a not too distant future you will not even sell window blinders that aren’t conscious and adaptive to its surroundings, and we provide the tools that make all connected things smart.”
“It’s a cliché that we invest in people”, says Erik Lindeblad, CEO of Lindeblad Venture. “But in Ekkono we found a genuinely great team. They have a strong business focus and great technology, which is key to success.”
Ekkono Solutions AB
Ekkono does machine learning for IoT (Internet of Things). The product, which is the result of 7 years of research at the University of Borås, Sweden, is a programmable embedded software that runs onboard connected devices, so called Edge Machine Learning. For further information visit www.ekkono.ai, or contact Jon Lindén, CEO, at [email protected] or +46-709-576006.