June 3, 2020 By Manufacturing AUTOMATION
Vention, a Montreal-based manufacturing automation technology company, has raised $38 million in series-B financing.
The funding will be used to further develop Vention’s cloud-based platform, grow its library of plug-and-play automation components, and continue international expansion.
Founded in 2016, Vention says its mission is to make automated equipment accessible to everyone by re-inventing the entire design-to-commission process.
Its cloud platform expands the range of manufacturing processes that can be automated profitably. Clients can design, program, simulate, order and commission automated equipment in a single digital environment.
Vention’s platform combines a suite of machine design and industrial automation technologies with hundreds of plug-and-play components, and next-day shipping across North America.
Clients access a self-serve environment where they can complete complex automation projects in a few days.
Applications realized on the Vention platform include material handling, conveying, pick and place, machine tending, fixturing and more.
Today, over 1,000 factories use Vention’s technologies, including many Fortune 500 automotive and aerospace manufacturers.
The company is scheduled to release significant changes to its manufacturing automation platform this year, augmenting both software and hardware capabilities.
The funding round was led by Georgian Partners, and included participation from previous investors Bain Capital Ventures and White Star Capital.
Georgian Partners’ Impact team will join with Vention’s technology team to further expand the firm’s use of artificial intelligence and machine learning for machine design and digital supply chains.