Novarc Technologies Inc. today announced that it has successfully completed a Series A fundraising round. Caterpillar Venture Capital Inc. joined strategic supporters of the North Vancouver, Canada-based company, which is using artificial intelligence and robotics to address welding applications.
“We are thrilled to welcome Caterpillar as an investor in Novarc,” said Soroush Karimzadeh, CEO of Novarc Technologies, in a release. “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,” he said.
Novarc develops welding 'full stack'
Novarc Technologies claimed that its team is dedicated to solving welding automation problems and improving customers' bottom lines. Fabrication facilities are increasingly recognizing that AI and automation are becoming necessary to remain competitive, it asserted.
Novarc described itself as “a full-stack robotics company” that designs and manufactures collaborative robots and machine vision systems for autonomous welding. The company asserted that its Spool Welding Robot (SWR) is “the world’s first of its kind” in pipe-welding applications.
The strategic relationship with Caterpillar will help Novarc advance its “disruptive” technology and expand its global reach, it said. The company plans to use the funding to continue developing systems to improve precision, efficiency, and flexibility in manufacturing.
“With Caterpillar's support, we are well-positioned to unlock new opportunities and transform the way manufacturing processes are executed,” said Karimzadeh. “Together, through this relationship, we look forward to delivering innovative solutions that provide productivity, quality, and safety for our customers across the globe.”
Caterpillar joins investors
Caterpillar Venture Capital is a wholly owned subsidiary of Caterpillar Inc., a global leader in construction and mining equipment, engines and turbines, and diesel-electric locomotives. It joined Graham Partners, Export Development Canada (EDC), and other syndicate investors in Novarc's Series A round.
In June, Novarc received about $2 million (Canadian, or $1.5 million U.S.) from the Canadian government to support new hiring. It did not specify the amount of its latest funding.
“We look forward to our collaboration with Novarc as we continue to explore the future of innovative manufacturing solutions,” stated Mark Crawford, director of Caterpillar Venture Capital.
Caterpillar Venture Capital said it helps entrepreneurs around the world to grow and scale their businesses by using Caterpillar's industry expertise, supply base, and independent dealer network. The investor's focus areas include energy; AI; and environmental, social, and corporate governance (ESG), as well as AI and services to help its customers be successful.
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