Funding proceeds to be allocated to international expansion and new product development
VANCOUVER, CANADA, Sept. 27, 2022 (GLOBE NEWSWIRE) — Novarc Technologies Inc. (“Novarc”), a full-stack robotics company specializing in the design and commercialization of collaborative robots (“cobots”) and AI-based machine vision software and systems for robotic welding applications, announced today the company has received Series A investment from Graham Partners Growth, the growth equity strategy of Graham Partners. This is a pivotal capital investment, which will allow Novarc to broaden its robot and AI product line and accelerate its global expansion.
“We’re very excited to have closed this Series A financing with Graham Partners which will be used to fund the expansion of Novarc’s sales and marketing efforts in North America, Europe and Asia, and continued investment in research and development in AI and robotics,” says Soroush Karimzadeh, CEO of Novarc Technologies. “We have seen global demand steadily increasing for an automation solution like Novarc’s. Today, some of the top companies in the building construction, manufacturing, engineering, energy, off-shore and shipbuilding industries are employing our invention, the Spool Welding Robot (SWR™).”
Dennis Dunegan, Managing Principal at Graham Partners added, “We are excited to partner with Novarc as AI in robotics presents a tremendous opportunity and we are looking forward to leveraging our expertise to support the company’s continued new product development efforts and customer expansion.”
Novarc’s SWR revolutionized the welding industry by automating pipe welding and paved the way for the introduction of cobots in the welding industry. The SWR works alongside a human operator, to increase productivity and weld quality and consistency, with the ability to recover clients’ capital investment within six to 18 months.
“This investment also allows us to scale our multidisciplinary team in robotics, AI, vision, welding, sales and support to meet the ramp up in demand for factory automation,” adds Karimzadeh. “The deployment of collaborative robots enhanced by vision and artificial intelligence will increasingly be the mainstay in fabrication facilities of many industries – this funding will provide Novarc with the bandwidth to meet this demand.”
Drake Star, a global tech investment bank, acted as the exclusive financial advisor to Novarc on this transaction.
“Drake Star’s knowledge of the technology landscape and world market trends, as they apply to the value inherent in our robotic welding solution was invaluable in constructing this deal,” says Karimzadeh.
Novarc has been recognized among 500 other companies on The Financial Times list of The Americas’ Fastest Growing Companies 2022, and was also recently named to the Globe and Mail’s Report on Business 2022 ranking of Canada’s Top Growing Companies; both awards were based on Novarc’s significant three year revenue growth, from 2019-2021 and through the challenging years of a global pandemic. Earlier this year, CB Insights named Novarc to its Advanced Manufacturing 50 ranking, showcasing the 50 most promising private advanced manufacturing companies in the world. In 2019, Novarc received the Excellence in Technology Innovation Award from the BC Tech Association, recognizing innovative ventures fueling growth and global competitiveness.
This recognition is testament to Novarc’s growth trajectory, as the company has experienced a more than doubling of both employees, and SWR sales this year. This momentum is expected to be further propelled by Novarc’s unique and even more disruptive product offerings, such as the new AI-powered weld control software, NovEye™.
About Novarc Technologies Inc:
Novarc Technologies is a full-stack robotics company specializing in the design and commercialization of cobots andAI-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 has dedicated a team of engineers and scientists to solve challenging welding automation problems that improve customers’ bottom line.
About Graham Partners Growth:
Graham Partners Growth is the growth equity strategy of Graham Partners, a private investment firm focused on investing in technology-driven companies that are spurring innovation in advanced manufacturing, resulting in product substitutions, raw materials conversions, and disruptions to traditional end markets. Graham Partners can offer control or minority capital solutions and typically targets companies with EBITDA up to $50 million. Since the firm’s founding in 1988 by Steven Graham, Graham Partners has closed over 140 acquisitions, joint ventures, financings, and divestitures. Based in suburban Philadelphia, the firm has access to extensive operating resources and industrial expertise and is a member of The Graham Group, an alliance of independent operating businesses, investment firms and philanthropic entities, which all share in the common legacy of entrepreneur Donald Graham.
About Drake Star:
Drake Star is an award-winning global tech investment bank that has completed over 400 transactions since 2003. Drake Star team of over 100 senior professionals across offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Dubai*, and Singapore* focuses on mergers & acquisitions and corporate finance services worldwide in Consumer & Retail Technology, Digital Media, FinTech, Mobility & Sustainability, Software/SaaS, Digital Services, and Industrial Tech sectors.
Drake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Kession Capital Ltd (FRN582160) which is authorized and regulated by the Financial Conduct Authority. © 2022 Drake Star Partners Limited.
CONTACT: Debra Hadden Novarc Technologies Inc. 604-240-3196 email@example.com
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