January 17, 2019 by Manufacturing AUTOMATION
January 17, 2019 – Vention, a Montreal-based company that has created a digital manufacturing platform for custom factory equipment, has secured a $17-million investment to further develop its cloud-based software and expand its modular hardware library.
Vention is also releasing the second major platform upgrade to its MachineBuilder 3D software. MachineBuilder 3D uses modular components to allow engineers and manufacturers to design and order custom equipment for their operations in as little as three days (as opposed to traditional design-to-build workflows for custom equipment usually take anywhere from one to six months, depending on the project’s complexity).
The new software update focuses on the user experience, integrating hundreds of new features such as smart part connections, comprehensive design collaboration tools and a machine learning algorithm that predicts the next parts needed in a design. It also includes 200 new modular components that cover a broad array of use cases in automated equipment, robot cells, tooling and conveyors applications.
“Building a large-scale industrial business takes a special breed of investor. We are excited to partner with Bain Capital Ventures, which has a long track record in our industry,” says Étienne Lacroix, Vention’s founder and CEO. “Working with Bain Capital Ventures also means we’re bringing an investor on board with a deep understanding of our manufacturing clients’ needs.”
The Series A financing round was led by Bain Capital Ventures, which joins Vention’s previous investors White Star Capital, Bolt and Real Ventures.
Ajay Agarwal, partner of Bain Capital Ventures, says, “As an active investor in robotics and automation, we’ve witnessed the convergence of collaborative robotics, increasing automation, and a growing need for speed and agility in today’s modern manufacturing world.”
That’s what makes this investment such a great fit, according to Agarwal. “Etienne and his team have developed a simple and flexible product that’s being adopted at a rapid clip. The company couldn’t be in a stronger position to seize an enormous market opportunity, and we’re excited to help Vention become a leader in the industrial equipment category.”
Vention has had 600 per cent year-over-year growth since its founding in 2016 and serves several hundred clients in a variety of industries, including robotics, aerospace and automobiles. Vention is also the first and only combined software and hardware platform certified by Universal Robots, and it maintains partnerships with Thomson Industries, Interroll, and PolyAlto.