Novarc Technologies this week announced a $5 million investment from Seaspan Shipyards.
The $5M investment from ship engineering veteran Seaspan is part of a recent $50M Series B round raised by Novarc, a North Vancouver company pioneering welding automation through a full stack of AI and robotics technologies.
The Series B was led by Export Development Canada with participation from Graham Partners, InBC Investment Corp, and Seaspan, which has been an adopter of Novarc’s technology since 2017, when it invested $500,000 during Novarc’s Seed Round offering.
The funding will fuel product development and commercialization of Novarc’s solutions, according to a statement from the firm, which promise to “increase industrial productivity and set new standards in quality and efficiency in manufacturing.”
Gains in productivity and efficiency hail from Novarc’s Spool Welding Robot, or SWR, powered by the firm’s NovAI system, an AI-powered welding solution.
SWR and NovAI combine to enhance automation by using machine vision, deep neural networks, and real-time adjustments to ensure consistent, high-quality welds.
Novarc is a member of the BC Tech Association.
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Novarc’s specialized robot has been installed at both Vancouver Drydock and Victoria Shipyards.
“Since bringing in our first Novarc SWR at Victoria Shipyards, we have seen significant productivity and quality improvements in our pipe shop,” noted Tony Winter, General Manager at Seaspan’s Victoria Shipyard.
“The robotic welding technology has been embraced by our workforce and they are excited to work with cutting-edge tools,” he added.
Novarc CEO Soroush Karimzadeh says the shipbuilding industry currently lacks sufficient infrastructure and skilled welders.
“Our technology responds to these concerns with an automation solution that brings vision and cognition to articulated robots, co-bots, and mechanized welders, which promises to transform welding automation,” he said.
The investment is part of Seaspan’s Value Proposition commitment under Canada’s National Shipbuilding Strategy.
“Our National Shipbuilding Strategy is driving economic growth and creating new opportunities for Canada’s marine industry,” commented Anita Anand, federal Minister of Innovation, Science, and Industry.
NovAI Autonomy is set to launch commercially in Summer 2025.
Novarc was established in 2013.
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