Vention receives $95 million USD in Series C funding to fuel further growth
May 26, 2022 | By Manufacturing AUTOMATION
Vention, a Montreal-based digital manufacturing automation platform (MAP), has closed $95 million USD in Series C financing, led by its existing investor Georgian.
New investor Fidelity Investment Canada ULC also joined the round alongside existing investors White Star Capital, Bain Capital Ventures and Bolt Ventures.
“Democratizing industrial automation is an ambitious mission considering the $180 billion market. With 80 percent of manufacturing plants in the U.S. having little to no automation, we’re at the dawn of a new era,” said Etienne Lacroix, CEO of Vention. “Current manufacturing floors are made of a multitude of robot arms, conveyors, sensors and tooling equipment. Each component has its own compatibility standards, programming language and point of sales. Vention has emerged as the one platform where clients can do it all: Design, Automate, Order and Deploy. Such integration lowers the barrier to accessibility that is needed to democratize the industry.”
Established in 2016, Vention helps high-mix manufacturers implement industrial automation through cloud software and a modular hardware ecosystem. The self-serve platform combines a suite of engineering software and plug-and-play automation components, enabling manufacturing professionals to design, order and deploy automated equipment by themselves directly from their web browser.
Highlights from the company’s successes include:
- Since Series B funding closed, annual growth has reached 2.9 times as of the first quarter of 2022.
- In the same timeframe, the company expanded its headcount from 100 to 260.
- Vention currently serves more than 3,000 discrete manufacturing clients across five continents.
- Over 12,000 pieces of manufacturing equipment have been designed and deployed using the Vention manufacturing automation platform.
- Since the company’s inception, the complexity of designs created on Vention has increased by four times and now includes end-to-end robot cells, assembly lines and automated equipment.
Proceeds from Series C financing will be used to grow Vention’s go-to-market, expand the company’s global distribution footprint, and accelerate the development of its hardware and software platform. The company expects to make some of those announcements public in September 2022 at its annual product launch event, Vention DemoDay.
The company serves its client base through its offices in Montreal, Boston, and Berlin. Its clients have used its platform to create a wide range of things, from robot cells and assembly lines to proprietary automated equipment and tooling.
Most recently, Vention released code-free robot programming capabilities, which let users program their robot in the cloud, order the entire robot cell and deploy it on their manufacturing floor entirely through the Vention platform.
“We are excited to deepen our partnership with Vention as they create new opportunities for manufacturers of all sizes to access industrial automation and robotics like never before,” said Emily Walsh, lead investor at Georgian. “We have seen first-hand how Vention delivers integrated software and hardware innovations, such as palletizing, conveyor and robot tending applications, that foundationally transform their customers’ manufacturing operations. Georgian looks forward to continuing to support Vention as they expand globally and scale their world-class team.”
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