Oneio, an integration service provider based in Helsinki, Finland, has raised $7.85M million to build out its platform, expand across Central Europe and North America, and grow its team of about 45 employees.
The company’s cloud-based integration platform offers both internal and external IT as well as technology service providers a way to collaborate between customers, vendors, suppliers, and subcontractors. Oneio has about 75 customers, including service providers such as CGI, CDW, Bechtle, Cancom, Atos, TietoEvry, and enterprises such as Bayer, Volkswagen, and Schindler.
The company has a long history but is just starting to ramp up to take advantage of the rapidly growing need to connect the dots among various apps. Founders Juha Berghäll, Janne Kärkkäinen, Kai Virkki, and Olli Nuortila started Oneio in 2010 to fix enterprise integration challenges. The firm started as a consultancy to help enterprise IT and IT service providers implement business-to-business integration projects.
“We were in a constant battle between finding the best possible solution for our customers and charging for the complexity and vendor lock-in that the technologies they were using caused,” Berghäll told VentureBeat, The integration technologies back then were complex and expensive, hard to maintain, and the delivery models old-fashioned.
The team realized that it couldn’t solve its customers’ integration headaches with just consulting, so it pivoted to a product-led SaaS company in 2015. “We wanted to disrupt the current business models to provide an enterprise-grade cloud service with an affordable pay-per-use pricing model,” Berghäll said. So, the team built a cloud integration automation platform as a cloud-native no-code solution that combined automation and AI to automate integration development and management tasks.
The company plays in the confusing landscape between companies that provide integration functionality as a service and service providers that code custom integrations. Oneio combines aspects of its integration automation technology with a service provider offering.
The company has three kinds of competitors: Integration platform-as-a-service (IPaaS) providers such as MuleSoft, Boomi, Celigo, and Jitterbit help enterprises build their integrations more efficiently; integration developers that implement custom integrations using traditional manual approaches; and some IT service providers that include integration services as part of their offerings.
“Instead of trying to build and maintain IT process and data integrations on an integration platform, enterprise IT, and service providers are choosing our solution where they can just subscribe to the integrations they need,” Berghäll said,
Oneio claims to set up complex multipoint process integrations in days, compared to the weeks or months required with more manual approaches. It also offers an integrated service level agreement with a 100% integration success guarantee.
Swedish early-stage investment firm Fairpoint Capital led the funding round. This builds on previously unannounced bridge funding raised during the pandemic by Tesi and Inventure.