VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug 14, 2023--
Novarc Technologies Inc., a leading provider of advanced robotics solutions, announced today the company has successfully completed a Series A fundraising round with Caterpillar Venture Capital Inc., a wholly-owned subsidiary of Caterpillar Inc. ((NYSE: CAT), a global leader in the manufacturing of construction and mining equipment). Caterpillar joins Graham Partners, Export Development Canada (EDC) and other syndicate investors, and provides strategic support to Novarc's vision to accelerate the development of a ground-breaking AI-powered robotics platform.
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Novarc’s Pipe Spool Welding Robot (SWR™) works with the human operator to dramatically boost productivity and shop capacity, delivering superior weld quality, and improving welder ergonomics. (Photo: Business Wire)
"We are thrilled to welcome Caterpillar as an investor in Novarc. Their extensive industry expertise and global presence align perfectly with our goals. This investment will fuel the development of Novarc’s AI robotic welding solutions, enabling us to revolutionize the future of welding in manufacturing automation and beyond," said Soroush Karimzadeh, CEO of Novarc Technologies.
Mark Crawford, Director of Caterpillar Venture Capital Inc., also expressed excitement about the opportunity, “We look forward to our collaboration with Novarc as we continue to explore the future of innovative manufacturing solutions.”
Novarc plans to leverage this strategic relationship to further enhance disruptive technology and expand its global reach. The adoption of a welding solution enhanced by artificial intelligence is fast becoming a necessity among fabrication facilities that want to remain competitive. The additional funds will be instrumental in advancing the development of Novarc’s AI-powered robotic solutions which provide a major step forward in manufacturing, precision, efficiency, and flexibility.
“With Caterpillar's support, we are well-positioned to unlock new opportunities and transform the way manufacturing processes are executed,” adds Karimzadeh. “Together, through this relationship, we look forward to delivering innovative solutions that provide productivity, quality, and safety for our customers across the globe.”
About Novarc Technologies Inc.:
Novarc Technologies is a full-stack robotics company specializing in the design and manufacturing of cobots and AI-based machine vision solutions for autonomous welding. Novarc’s Spool Welding Robot (SWR) is the world’s first of its kind in pipe welding applications. As a proven pioneer in the field, Novarc’s team is dedicated to solving challenging welding automation problems that improve customers’ bottom line.
Visit us at www.novarctech.com.
About Caterpillar Venture Capital Inc.
Caterpillar Venture Capital Inc. assists entrepreneurs and startups around the world to grow and scale their businesses to build today for a better tomorrow by leveraging Caterpillar's industry expertise, supply base, and independent dealer network. Caterpillar Venture Capital's focus areas of investment include energy, ESG, artificial intelligence and services that help its customers be successful. Caterpillar Venture Capital is a wholly-owned subsidiary of Caterpillar Inc., the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.
Visit us at www.caterpillar.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230814539353/en/
CONTACT: Debra Hadden, Novarc Technologies Inc., +1 604 240-3196debra@novarctech.com
Erik De Leye, Caterpillar, Inc., +32 475 691 799de_leye_erik@cat.com
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: TECHNOLOGY CONSTRUCTION & PROPERTY SOFTWARE MANUFACTURING MINING/MINERALS MACHINE TOOLS, METALWORKING & METALLURGY ROBOTICS OTHER CONSTRUCTION & PROPERTY NATURAL RESOURCES ARTIFICIAL INTELLIGENCE
SOURCE: Novarc Technologies Inc.
Copyright Business Wire 2023.
PUB: 08/14/2023 09:00 AM/DISC: 08/14/2023 09:00 AM
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