North Vancouver’s Novarc Technologies has successfully completed a Series A fundraising round with Caterpillar Venture Capital, a wholly-owned subsidiary of construction equipment giant Caterpillar.
Novarc is a full-stack robotics company specializing in the design and commercialization of robots and AI systems for robotic welding applications.
Novarc is developing a unique automation solution to help solve the global manufacturing bottleneck. Novarc’s Spool Welding Robot (SWR) is the world’s first of its kind in pipe welding machines and applications giving traditional industries a route to automation.
Caterpillar joins 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.
The new 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.
Earlier this summer Novarc received $2 million in funding from the Pacific Economic Development Agency of Canada through PacifiCan’s Business Scale-up and Productivity program.
“With Caterpillar’s support, we are well-positioned to unlock new opportunities and transform the way manufacturing processes are executed,” adds Karimzadeh. “Together, through this relationship, we look forward to delivering innovative solutions that provide productivity, quality, and safety for our customers across the globe.”