Novarc Technologies – a full-stack AI robotics company specializing in the design and manufacturing of automated welding solutions – 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 firm Graham Partners, Seaspan (one of Canada’s leading shipbuilders), and InBC Investment.
Novarc’s AI-based intelligent adaptive welding system, NovAI, enables robots to see and adapt like expert welders. By using machine vision, deep neural nets for perception, and real-time adjustments, NovAI eliminates the need for prescanning and robotic reprogramming, ensuring consistent and high-quality welds in any condition. NovAI Autonomy will be commercially available in Summer 2025.
The funding 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. Novarc brings vision and real-time adaptation to robotic and mechanized welders to maximize productivity and shape the next era of manufacturing.
Seaspan is a strategic partner of Novarc’s and has been an investor since 2017. This investment is part of Seaspan’s commitment to value propositions under Canada’s national shipbuilding strategy. Plus, 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 a testament to their innovation in shipbuilding, repair, and overhaul services and their leadership in the marine transportation industry.
KEY QUOTES:
“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.”
“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.”
– 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. 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.”
– Guillermo Freire, Senior Vice-President, Mid-Market Group, EDC
“Graham is thrilled to continue to support Novarc in this exciting next phase of growth. We remain highly impressed by both the exceptional team and innovative technology that are driving advancements in the welding industry with AI and robotics.”
– Dennis Dunegan, Managing Principal at Graham Partners
“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.”
– Tony Winter, Vice President & General Manager at Victoria Shipyards
“Novarc is a leader in its field and its automation technology is transforming the global welding industry. InBC’s investment in Novarc is supporting robotics and AI innovation developed here in our province. We are proud to work with the Novarc team, whose cutting-edge technology is advancing industrial manufacturing in B.C., as well as in other markets, supporting our future economic growth.”
– Scott Wong, Interim CIO of InBC
