Key Takeaways
- • Novarc Technologies Inc. completed a Series A fundraising round with Caterpillar Venture Capital Inc., a wholly-owned subsidiary of Caterpillar Inc. (NYSE: CAT), according to a Business Wire release dated August 14, 2023.
- • Caterpillar joins Graham Partners, Export Development Canada (EDC) and other syndicate investors in the round; the release did not disclose the round size.
- • Proceeds will fund product development of Novarc's AI-powered robotic welding solutions, including its Spool Welding Robot (SWR), which the company describes as the first of its kind in pipe welding applications.
- • The partnership is positioned as strategic, with Caterpillar providing industry expertise, supply base access and an independent dealer network, and Novarc aiming to expand its global reach.
Summary
Vancouver-based Novarc Technologies Inc., a robotics company focused on cobots and AI-based machine vision for autonomous welding, has completed a Series A fundraising round with Caterpillar Venture Capital Inc., according to a Business Wire announcement. Caterpillar Venture Capital is a wholly-owned subsidiary of Caterpillar Inc. (NYSE: CAT), the construction and mining equipment manufacturer. Caterpillar joins Graham Partners, Export Development Canada (EDC) and other syndicate investors. The release did not disclose the amount raised or the valuation.
Novarc CEO Soroush Karimzadeh said Caterpillar's industry expertise and global presence align with the company's goals, and that the investment will fund development of its AI robotic welding solutions. Mark Crawford, Director of Caterpillar Venture Capital Inc., said the firm looks forward to collaborating with Novarc on the future of innovative manufacturing solutions.
The company says the funding will advance its AI-powered robotic platform, which it positions as a step forward in manufacturing precision, efficiency and flexibility. Novarc's flagship Spool Welding Robot (SWR) is described by the company as the first of its kind in pipe welding applications. Novarc also said the strategic relationship will help it expand its global reach and enhance its technology. Caterpillar Venture Capital's stated investment focus areas include energy, ESG, artificial intelligence and customer-facing services.
Novarc CEO Soroush Karimzadeh said Caterpillar's industry expertise and global presence align with the company's goals, and that the investment will fund development of its AI robotic welding solutions. Mark Crawford, Director of Caterpillar Venture Capital Inc., said the firm looks forward to collaborating with Novarc on the future of innovative manufacturing solutions.
The company says the funding will advance its AI-powered robotic platform, which it positions as a step forward in manufacturing precision, efficiency and flexibility. Novarc's flagship Spool Welding Robot (SWR) is described by the company as the first of its kind in pipe welding applications. Novarc also said the strategic relationship will help it expand its global reach and enhance its technology. Caterpillar Venture Capital's stated investment focus areas include energy, ESG, artificial intelligence and customer-facing services.
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