Novarc Technologies secures Series A funding pivotal to its expansion plans
October 12, 2022
By Manufacturing AUTOMATION
Vancouver-based Novarc Technologies received Series A investment from Graham Partners Growth, the growth equity strategy of Graham Partners. Novarc is a full-stack robotics company specializing in the design and commercialization of collaborative robots and AI-based machine vision software and systems for robotic welding applications.
The company states that the capital investment is pivotal to its growth. It will allow Novarc to broaden its robot and AI product line and accelerate its global expansion.
“We’re very excited to have closed this Series A financing with Graham Partners which will be used to fund the expansion of Novarc’s sales and marketing efforts in North America, Europe and Asia, and continued investment in research and development in AI and robotics,” says Soroush Karimzadeh, CEO of Novarc Technologies. “We have seen global demand steadily increasing for an automation solution like Novarc’s. Today, some of the top companies in the building construction, manufacturing, engineering, energy, off-shore, and shipbuilding industries are employing our invention, the Spool Welding Robot (SWR).”
Karimzadeh explains that this investment allows Novarc to scale its multidisciplinary team in robotics, AI, vision, welding, sales, and support to meet the ramp-up in demand for factory automation.
Novarc’s SWR automated pipe welding and helped add cobots in the welding industry. The SWR works alongside a human operator, to increase productivity and weld quality and consistency, with the ability to recover clients’ capital investment within six to 18 months.
Dennis Dunegan, managing principal at Graham Partners added, “We are excited to partner with Novarc as AI in robotics presents a tremendous opportunity and we are looking forward to leveraging our expertise to support the company’s continued new product development efforts and customer expansion.”
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