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Revealed Mar 11, 2025 • 5 minute learn
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Funding to speed up improvement and commercialization of clever adaptive welding methods for cobots and articulated robots
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VANCOUVER, CANADA, March 11, 2025 (GLOBE NEWSWIRE) — Novarc Applied sciences Inc. (“Novarc”), a full-stack AI robotics firm specializing within the design and manufacturing of automated welding options, introduced at the moment the corporate has raised $50 million in a Sequence B funding spherical led by Export Improvement Canada (EDC), Canada’s export credit score company, with participation from non-public funding agency Graham Companions, Seaspan (one among Canada’s main shipbuilders), and BC-based strategic funding fund, InBC Funding Corp (InBC).
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Novarc’s AI-powered clever adaptive welding system NovAI™ permits robots to see and adapt like an knowledgeable welder. Through the use of machine imaginative and prescient, deep neural nets for notion and real-time changes, NovAI eliminates the necessity for prescanning and robotic reprogramming, making certain constant, high-quality welds in any situation. NovAI Autonomy will probably be commercially out there in Summer time 2025.
The funding introduced at the moment will propel the corporate’s R&D efforts and improvement of AI pushed options comparable to NovAI which promise to extend industrial productiveness – and set new requirements in high quality and effectivity – as Novarc brings imaginative and prescient and actual time adaptation to robotic and mechanized welders to maximise productiveness and form the following period of producing.
“We’re thrilled to announce that Novarc has secured important extra funding, with the bulk coming from our present buyers. This continued help is a testomony to the arrogance our buyers have in our mission to revolutionize the welding trade by way of superior automation options,” says Soroush Karimzadeh, CEO of Novarc Applied sciences.
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“At EDC, we imagine Novarc’s expertise will probably be a catalyst for important developments within the industrial manufacturing sector, addressing the vital want for automation,” says Guillermo Freire, Senior Vice-President, Mid-Market Group, EDC. “We’re excited to help Novarc alongside our funding companions as they discover alternatives to broaden their worldwide market presence past North America, driving their future development by way of commerce diversification.”
Dennis Dunegan, Managing Principal at Graham Companions, added “Graham is thrilled to proceed to help Novarc on this thrilling subsequent part of development. We stay extremely impressed by each the distinctive staff and modern expertise which might be driving developments within the welding trade with AI and robotics.”
Seaspan is a strategic accomplice of Novarc’s and has been an investor since 2017. This funding is a part of Seaspan’s worth proposition dedication below Canada’s Nationwide Shipbuilding Technique. Seaspan has been an early adopter of the corporate’s welding automation expertise, first with their set up of Novarc’s Spool Welding Robotic (SWR) at their Vancouver Drydock and most not too long ago at Victoria Shipyards. These installations are testomony to their innovation in shipbuilding, restore and overhaul companies and their management within the marine transportation trade which has been continued by this newest spherical of funding.
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“Since bringing in our first Novarc SWR at Victoria Shipyards, we have now seen important productiveness and high quality enhancements in our pipe store. The robotic welding expertise has been embraced by our workforce and they’re excited to work with innovative instruments. By our persevering with partnership with the Novarc staff, we have now additional developed our welding procedures and look ahead to being part of advancing innovation on this house,” says Tony Winter, Vice President & Common Supervisor at Victoria Shipyards.
“Novarc is a pacesetter in its area and its automation expertise is reworking the worldwide welding trade,” says Scott Wong, Interim CIO of InBC. “InBC’s funding in Novarc is supporting robotics and AI innovation developed right here in our province. We’re proud to work with the Novarc staff, whose cutting-edge expertise is advancing industrial manufacturing in B.C., in addition to in different markets, supporting our future financial development.”
InBC is a strategic funding fund established by the Province of British Columbia (B.C.) to put money into rising, modern B.C. firms, supporting key development sectors, creating and retaining jobs, and driving financial development for communities throughout B.C.
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“This new capital from this oversubscribed spherical will allow us to speed up our product improvement, broaden our market presence, and proceed delivering modern options that meet the evolving wants of our prospects. We stay dedicated to pushing the boundaries of what’s doable in robotic welding, and this funding brings us one step nearer to reaching our objectives,” stated Karimzadeh.
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About Novarc Applied sciences Inc:
As a confirmed pioneer within the area of welding automation, Novarc Applied sciences is a full-stack AI robotics firm specializing within the design and manufacturing of automated welding options for difficult welding functions. Novarc’s Spool Welding Robotic (SWR) is acknowledged by prospects globally for its affect within the fabrication trade. For extra data, go to www.novarc.ai.
About EDC:
Export Improvement Canada (EDC) is a monetary Crown company devoted to serving to Canadian companies make an affect at house and overseas. EDC has the monetary merchandise and information Canadian firms must confidently enter new markets, scale back monetary danger and develop their enterprise as they go from native to world. Collectively, EDC and Canadian firms are constructing a extra affluent, stronger and sustainable financial system for all Canadians. For extra data and to learn the way we may also help your organization, name us at 1-800-229-0575 or go to www.edc.ca.
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About Graham Companions:
Graham Companions is a personal funding agency targeted on investing in technology-driven firms which might be spurring innovation in superior manufacturing, leading to product substitutions, uncooked supplies conversions, and disruptions to conventional finish markets. Graham Companions can supply management or minority capital options and sometimes targets firms with EBITDA as much as $50 million. For the reason that agency’s founding in 1988 by Steven Graham, Graham Companions has closed over 160 acquisitions, joint ventures, financings, and divestitures. The dedicated capital raised since inception by way of the Graham Companions funds along with Graham-led co-investments totals roughly $6.4 billion as of September 30, 2024, professional forma for subsequent occasions, which differs from Graham’s Regulatory Belongings Beneath Administration of roughly $4.0 billion as of September 30, 2024. Traders embrace high-net-worth people, faculty and college endowments, foundations, pension plans, insurance coverage firms, funds-of-funds, and different institutional buyers. Based mostly in suburban Philadelphia, the agency has entry to intensive working sources and industrial experience and is a member of The Graham Group, an alliance of unbiased working companies, funding companies and philanthropic entities, which all share within the frequent legacy of entrepreneur Donald Graham. For extra data, go to https://www.grahampartners.internet/
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About InBC Funding Corp.
InBC Funding Corp. (InBC) is a strategic funding fund established by the Province of British Columbia (B.C.) to put money into rising, modern firms and enterprise funds to profit the folks of B.C. It’s investing to generate monetary returns alongside measurable financial, social and environmental impacts for the province. To study extra: www.inbcinvestment.ca
About Seaspan Shipyards
Seaspan, a division of Seaspan ULC, is a pacesetter in Canada’s ship design, engineering, constructing and ship restore trade. With fashionable services and a devoted workforce of roughly 3,900 in North Vancouver and Victoria, the corporate has confirmed itself to be a trusted and strategic accomplice on a variety of advanced initiatives for each authorities and the non-public sector. For extra data, go to https://www.seaspan.com/seaspan-shipyards/
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Debra Hadden Novarc Applied sciences Inc. 604-240-3196 debra@novarctech.com Export Improvement Canada +1-888-222-4065 media@edc.ca Dennis Dunegan Graham Companions +1-484-420-0278 ddunegan@grahampartners.internet Eva Zhu InBC Funding Corp. +1-604-367-5395 media@inbcinvestment.ca Seaspan +1-236-989-7328 Media@Seaspan.com
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