Vancouver-based Novarc Technologies has raised $50 million in Series B funding as it gears up to commercially launch its artificial intelligence (AI)-powered vision system for autonomous welding robots.
The round was led by federal agency Export Development Canada (EDC), with participation from private investment firm Graham Partners, shipbuilding company Seaspan, and British Columbia’s provincial strategic investment fund InBC Investment Corp (InBC).
“We believe Novarc’s technology will be a catalyst for significant advancements in the industrial manufacturing sector.”
Guillermo Freire
The funding will be used towards Novarc’s research and development efforts and expanding its market presence, the company said in a statement. This includes developing AI products like its NovAI adaptive welding vision system, which aims to automate robotic welding without the need for manual adjustments.
Novarc said that the system will be commercially available this summer.
EDC senior vice-president Guillermo Freire said in a statement that EDC is excited to support Novarc as it explores expanding its international market presence beyond North America.
“We believe Novarc’s technology will be a catalyst for significant advancements in the industrial manufacturing sector, addressing the critical need for automation,” Freire said.
Round investor Seaspan was an early adopter of Novarc’s technology, the company said, having installed its Spool Welding Robot (SWR) at its Vancouver Drydock and recently at Victoria Shipyards. Victoria Shipyards vice-president and general manager Tony Winter said in a statement that it has seen “significant productivity and quality improvements” in its pipe shop since adopting Novarc’s SWR.
The SWR is a collaborative robot designed for welding tasks involving pipes and small-pressure vessels like air tanks, and other types of “roll welding,” in which two types of metal are fused together under high pressure.
EDC and Graham Partners are following their support of Novarc’s $20-million USD (then $27-million CAD) Series A round in 2023, which had an additional $4-million USD secondary capital component. At the time, Novarc said it had SWRs operating in North America, the United Kingdom, Ireland, Germany, Saudi Arabia and China, and had recently expanded into Australia.
Last month, Novarc struck a partnership with Appleton, Wis.-based arc welding manufacturer Miller Electric. As part of the partnership, Miller and Novarc will develop adaptive welding solutions powered by AI for Miller’s Copilot collaborative welding line.
Feature image courtesy Novarc.