Kinova receives new funding; continues expansion into industrial automation market
February 23, 2022
By Manufacturing AUTOMATION
Montreal-based robotics company Kinova recently raised $60 million in new financing.
The prior closing of investments totalled $40 million, led by Graham Partners with the participation of Export Development Canada (EDC).
“Kinova is expected to benefit from Graham Partners’ deep domain expertise in medical and industrial technology, as well as experience deploying automation solutions across its portfolio of advanced manufacturing and industrial technology businesses. Graham Partners will leverage its industry resources, operational expertise, and commercial knowledge to support Kinova’s growth,” stated Charles Deguire, president, and CEO of Kinova.
Kinova also announced the prior closing of an agreement with the Government of Canada under the Strategic Innovation Fund (SIF) for a total of $20 million.
“Canadians are developing innovative solutions to real-world problems and our government will always be there to support them. Kinova’s robotic products demonstrate this type of innovation and we’re proud to support them as they scale up manufacturing, create high-quality jobs, and help grow Canada’s global leadership in the next generation of robots.” said The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
With the added finances, Kinova will accelerate the development and commercialization of its solutions. It will also use the funds to increase its engineering resources to meet the demands of global customers. The company plans on announcing new products for the industrial markets later this year.
Dennis Dunegan, managing principal of Graham Partners, said, “We believe Kinova’s cobot technology and expertise in both medical and industrial applications is unique in the robotics industry. We are excited to leverage our expertise to help drive value creation and growth at Kinova.”
Marc Belanger, chief financial officer of Kinova, added that the company is excited to have Graham Partners and EDC as shareholders. They will allow Kinova to continue its international growth both organically as well as through acquisitions, he explained.
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