Sandvik said it had chosen the company for investment because its manufacturing automation solutions can help achieve waste reduction and productivity improvements.

"We are looking forward to working with Oqton and finding ways to expand our offering for increased customer productivity by creating new products that take advantage of Sandvik's extensive know-how about manufacturing processes and Oqton's AI-powered manufacturing solutions", said Stefan Widing, president and chief executive of Sandvik.

Sandvik's work with Oqton will be managed by the Design & Planning Automation department in its Manufacturing Solutions' division.

"Oqton's solution targets inefficiencies and waste in the manufacturing workflow. We believe that our relationship with Oqton will give us further opportunities to define and reduce waste throughout the entire manufacturing process. We share the same desire to automate workflows and make our customers more efficient", said Mathias Johansson, president of the Design & Planning Automation division in Sandvik Manufacturing Solutions.

Oqton also announced this week that it had raised US$40 million to expand its platform and grow commercial partnerships in markets including additive manufacturing, robotic welding, and CNC machining.