Novarc Technologies, a Vancouver, Canada-based provider of advanced robotics solutions, completed a Series A fundraising round with Caterpillar Venture Capital Inc., a wholly-owned subsidiary of Caterpillar Inc.
This funding round also includes participation from Graham Partners, Export Development Canada (EDC), and other syndicate investors and provides strategic support to Novarc's vision to accelerate the development of a ground-breaking AI-powered robotics platform.
Novarc plans to leverage this strategic relationship to further enhance disruptive technology and expand its global reach.
The additional funds will be instrumental in advancing the development of Novarc’s AI-powered robotic solutions, which provide a major step forward in manufacturing, precision, efficiency, and flexibility.
"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 Soroush Karimzadeh, CEO of Novarc Technologies.
Novarc’s Pipe Spool Welding Robot (SWR™) works with the human operator to dramatically boost productivity and shop capacity, delivering superior weld quality, and improving welder ergonomics.
Company: Novarc Technologies Inc.
Round: Series A
Funding Month: August 2023
Lead Investors: Caterpillar Venture Capital Inc.
Additional Investors: Graham Partners and Export Development Canada (EDC)
Company Website: https://www.novarctech.com/
Software Category: AI-powered Robotics Solutions
About the Company: Novarc Technologies is a full-stack robotics company specializing in the design and manufacturing of cobots and AI-based machine vision solutions for autonomous welding. The company's robots include collaborative robots and welding robots with long-reach manipulation to facilitate pipe welding to be performed more precisely and economically, enabling businesses to modernize pipe shops. Its flagship product, the Spool Welding Robot (SWR), is a pipe welding machine that dramatically increases productivity and is currently in operation in the US, Canada, Germany, the UAE, and China.