Worximity Technology, the Montreal-based startup that is looking to create smart factories through machine learning, artificial intelligence, and IoT, has raised a $6.25 million Series A funding round.
“Their knowledge of international markets will help us accelerate our growth.”
– CEO, Worximity
The round was led by Marel, a multinational food processing company based in Europe, which contributed $5 million, with the remaining $1.25 million from return investors including Fonds de solidarité FTQ and W Investments. The new funding round will be used to increase the pace in which Worximity Technology develops its technology and expands into international markets.
Worximity Technology’s Series A follows four years after the startup, which was founded in 2011, raised a $2 million seed round. The company said at the time that the funding would help it expand into the US. Worximity Technologies stated that, to date, it has served more than 200 customers, helping to improve the performance of more than 1,000 projects.
The startup claims to be playing a leading role in promoting the “Fourth Industrial Revolution.” Its technology platform uses machine learning and artificial intelligence, allowing for automatic data collection, real-time monitoring, analytical views, and predictive insights in factory and manufacturing processes.
Along with its $5 million investment, Marel is also partnering with Worximity Technology to bring its technology to food processing. One of Worximity Technology’s solutions will be combined with Marel’s food production management software, Innova, which provides full traceability throughout the production process.
“The strong compatibility of our technologies, as well as the simplicity of installation and use of our products has facilitated the process,” said Yannick Desmarais, founder and CEO of Worximity Technology. “Our two companies are well regarded in the food protein processing industry and Marel has a strong understanding of the challenges related to their investments. Their knowledge of international markets will help us accelerate our growth.”
“Worximity’s scalable solutions can be used by a wide range of food processors,” added Arni Sigurdsson, executive VP of strategy and development at Marel. “It complements Marel’s comprehensive software solution, making the partnership a great opportunity to drive growth as food producers continue to harness the power of data and analytics to improve their operations.”
With a team of 25 employees, including software developers, engineers, data scientists, business analysts, and specialists in artificial intelligence, Worximity Technology plans to double its workforce by the end of 2020.
Image courtesy Worximity Technology via Twitter