NOVARC Raises $50M For AI-Powered Machine Vision Automated Welding
Novarc Technologies, a full-stack AI robotics company specializing in the design and manufacturing of automated welding solutions, has announced the company has raised $50 million in a Series B funding round led by Export Development Canada (EDC), Canada’s export credit agency, with participation from private investment firms.
Novarc’s AI-powered intelligent adaptive welding system NovAI enables robots to see and adapt like an expert welder. By using machine vision, deep neural nets for perception and real-time adjustments, NovAI eliminates the need for prescanning and robotic reprogramming, ensuring consistent, high-quality welds in any condition. NovAI Autonomy will be commercially available in Summer 2025.
The funding announced will propel the company’s R&D efforts and development of AI driven solutions such as NovAI which promise to increase industrial productivity – and set new standards in quality and efficiency – as Novarc brings vision and real time adaptation to robotic and mechanized welders to maximize productivity and shape the next era of manufacturing.
“We are thrilled to announce that Novarc has secured significant additional funding, with the majority coming from our existing investors. This continued support is a testament to the confidence our investors have in our mission to revolutionize the welding industry through advanced automation solutions,” says Soroush Karimzadeh, CEO of Novarc Technologies.
“At EDC, we believe Novarc’s technology will be a catalyst for significant advancements in the industrial manufacturing sector, addressing the critical need for automation,” stated Guillermo Freire, Senior Vice-President, Mid-Market Group, EDC. “We are excited to support Novarc alongside our investment partners as they explore opportunities to expand their international market presence beyond North America, driving their future growth through trade diversification.”
Seaspan is a strategic partner of Novarc’s and has been an investor since 2017. This investment is part of Seaspan’s value proposition commitment under Canada’s National Shipbuilding Strategy. Seaspan has been an early adopter of the company’s welding automation technology, first with their installation of Novarc’s Spool Welding Robot (SWR) at their Vancouver Drydock and most recently at Victoria Shipyards. These installations are testament to their innovation in shipbuilding, repair and overhaul services and their leadership in the marine transportation industry which has been continued by this latest round of funding.
“Since bringing in our first Novarc SWR at Victoria Shipyards, we have seen significant productivity and quality improvements in our pipe shop. The robotic welding technology has been embraced by our workforce and they are excited to work with cutting edge tools. Through our continuing partnership with the Novarc team, we have further developed our welding procedures and look forward to being a part of advancing innovation in this space,” says Tony Winter, Vice President & General Manager at Victoria Shipyards.
“This new capital from this oversubscribed round will enable us to accelerate our product development, expand our market presence, and continue delivering innovative solutions that meet the evolving needs of our customers. We remain committed to pushing the boundaries of what’s possible in robotic welding, and this investment brings us one step closer to achieving our goals,” said Karimzadeh.
For more information: www.novarctech.com
