Montréal-based Mecademic has secured new funding from a trio of government agencies to go big, while keeping its robots small.
Mecademic’s robots are compact enough to fit in the palm of your hand.
The company announced on Thursday that it raised a $21-million strategic funding round led by Investissement Québec (IQ), with participation from Export Development Canada (EDC) and the Business Development Bank of Canada (BDC). IQ is Québec’s provincial investment agency, and EDC and BDC are Crown corporations.
Designed for component manufacturing, electronics, medical devices, and biopharmaceuticals, Mecademic’s robots are compact enough to fit in the palm of your hand, allowing manufacturers and labs to integrate automation into confined spaces where traditional robots cannot fit. Mecademic lists SpaceX, NASA, and Meta on its website as customers.
The company will use its new funding to expand its headquarters and ramp up hiring in key markets like the US, Europe, and Asia, president and CEO Philippe Beaulieu wrote in a LinkedIn post.
Mecademic was founded in 2013 by CTO Jonathan Coulombe, COO Philippe Jacome, research and development VP Éric Boutet, and senior robotics advisor Ilian Bonev. The company claims to produce the world’s most precise, most compact industrial robots.
RELATED: Haply Robotics raises $16 million to build the “steering wheels” for physical AI
In a news release, Mecademic said its expansion follows a “period of robust performance.” The company claimed that it “consistently outpaced the industry average,” but did not provide specific growth figures. BetaKit has reached out to Mecademic for information on its revenue and customer growth.
Mecademic bolstered its leadership this month by appointing Dominique Jodoin as chairman of the board. Jodoin brings experience as a former leader at telecommunications multinational Ericsson and as a board member of many companies, including Desjardins. The company also added David Massé, the former CFO of WatchMojo, as its own CFO this past October.
Feature image courtesy Mecademic.