Novarc Technologies successfully closes Series A funding with Caterpillar Venture Capital
August 14, 2023 | By Manufacturing AUTOMATION
Novarc Technologies, an advanced robotics solutions provider, has successfully completed a Series A fundraising round with Caterpillar Venture Capital, a wholly-owned subsidiary of Caterpillar.
“We are thrilled to welcome Caterpillar as an investor in Novarc. Their extensive industry expertise and global presence align perfectly with our goals. This investment will fuel the development of Novarc’s AI robotic welding solutions, enabling us to revolutionize the future of welding in manufacturing automation and beyond,” said company CEO Soroush Karimzadeh.
Caterpillar’s investment provides strategic support to Novarc’s vision to accelerate the development of a ground-breaking AI-powered robotics platform.
Mark Crawford, director of Caterpillar Venture Capital, also expressed excitement about the opportunity, “We look forward to our collaboration with Novarc as we continue to explore the future of innovative manufacturing solutions.”
The company plans to leverage this strategic relationship to further enhance disruptive technology and expand its global reach. The adoption of a welding solution enhanced by artificial intelligence is fast becoming a necessity among fabrication facilities that want to remain competitive, it explains in a press statement. The additional funds will be instrumental in advancing the development of its AI-powered robotic solutions.
“With Caterpillar’s support, we are well-positioned to unlock new opportunities and transform the way manufacturing processes are executed,” adds Karimzadeh. “Together, through this relationship, we look forward to delivering innovative solutions that provide productivity, quality, and safety for our customers across the globe.”
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