Novarc Technologies features on Deloitte Technology Fast 500 list for North America
November 17, 2022 by Manufacturing AUTOMATION
Novarc Technologies ranked 387 on the Deloitte Technology Fast 500 in North America.
The list ranks 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Novarc grew 339 percent in revenue growth from 2018 to 2021, according to the company.
“We are honoured to be included in this prestigious ranking by Deloitte. Our revenue growth has been a result of the rapid adoption of our collaborative robot which revolutionized the pipe welding industry when it was introduced in 2017,” says Soroush Karimzadeh, CEO of Novarc. “Our Spool Welding Robot automates the pipe welding process, and has helped to pave the way for the introduction of cobots in welding and fabrication, serving those industries responsible for building the world’s infrastructure.”
“Each year I am in awe of the immense talent the Technology Fast 500 rankings reveal, confirming the winners’ relentless pursuit of creativity and their ability to solve real-world problems that benefit us all,” said Paul Silverglate, vice-chair at Deloitte and U.S. technology sector leader.
Novarc’s Spool Welding Robot works alongside a human operator, to increase productivity, weld quality and consistency. Novarc has experienced significant growth in the past three years and has doubled the number of team members and SWR sales this year.
Novarc recently announced it is partnering with Lincoln Electric to expand its automated cobot pipe welding solutions. The partnership with Lincoln Electric will allow Novarc to further collaborate on more products, including incorporating AI and machine learning, which is expected to continue the company’s growth trajectory.