VANCOUVER, CANADA, March 11, 2025 (GLOBE NEWSWIRE) -- Novarc Technologies Inc. (“Novarc”), a full-stack AI robotics company specializing in the design and manufacturing of automated welding solutions, announced today 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 BC-based strategic investment fund, InBC Investment Corp (InBC).
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 today 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," says 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."
Dennis Dunegan, Managing Principal at Graham Partners, added “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.”
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.
“Novarc is a leader in its field and its automation technology is transforming the global welding industry,” says Scott Wong, Interim CIO of InBC. “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.”
InBC is a strategic investment fund established by the Province of British Columbia (B.C.) to invest in growing, innovative B.C. companies, supporting key growth sectors, creating and retaining jobs, and driving economic growth for communities across B.C.
“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.
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About Novarc Technologies Inc:
As a proven pioneer in the field of welding automation, Novarc Technologies is a full-stack AI robotics company specializing in the design and manufacturing of automated welding solutions for challenging welding applications. Novarc’s Spool Welding Robot (SWR) is recognized by customers globally for its impact in the fabrication industry. For more information, visit www.novarc.ai.
About EDC:
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
About Graham Partners:
Graham Partners is 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 160 acquisitions, joint ventures, financings, and divestitures. The committed capital raised since inception through the Graham Partners funds together with Graham-led co-investments totals approximately $6.4 billion as of September 30, 2024, pro forma for subsequent events, which differs from Graham’s Regulatory Assets Under Management of approximately $4.0 billion as of September 30, 2024. Investors include high-net-worth individuals, college and university endowments, foundations, pension plans, insurance companies, funds-of-funds, and other institutional investors. 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. For more information, visit https://www.grahampartners.net/
About InBC Investment Corp.
InBC Investment Corp. (InBC) is a strategic investment fund established by the Province of British Columbia (B.C.) to invest in growing, innovative companies and venture funds to benefit the people of B.C. It is investing to generate financial returns alongside measurable economic, social and environmental impacts for the province. To learn more: www.inbcinvestment.ca
About Seaspan Shipyards
Seaspan, a division of Seaspan ULC, is a leader in Canada’s ship design, engineering, building and ship repair industry. With modern facilities and a dedicated workforce of approximately 3,900 in North Vancouver and Victoria, the company has proven itself to be a trusted and strategic partner on a range of complex projects for both government and the private sector. For more information, visit https://www.seaspan.com/seaspan-shipyards/
Attachment
Debra Hadden Novarc Technologies Inc. 604-240-3196 debra@novarctech.com Export Development Canada +1-888-222-4065 media@edc.ca Dennis Dunegan Graham Partners +1-484-420-0278 ddunegan@grahampartners.net Eva Zhu InBC Investment Corp. +1-604-367-5395 media@inbcinvestment.ca Seaspan +1-236-989-7328 Media@Seaspan.com
