News Briefs

Raven secures $12m in Momenta, Chartline-led Series A round

Founded in 2013, Raven helps manufacturing companies empower the frontline and improve operational performance with its automated contextualization and OEE monitoring software.

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  • Also investing in the round was Celtic House Venture Partners and Export Development Canada as well as angel investors
  • The Series A’s closing brings Raven’s total funding to date to $16.5 million
  • At present, Raven serves manufacturers in discrete, food and beverage, pharmaceuticals, agri-food, healthcare and other sectors

Raven, an Ottawa-based provider of data contextualization software for frontline operations, has completed its Series A financing, raising $12 million (C$16 million).

Momenta Ventures and Chartline Capital Partners led the round. They were joined by Celtic House Venture Partners and Export Development Canada as well as angel investors, such as Tobi Lütke from Shopify and Rob Ashe from Cognos and IBM.

The Series A’s closing brings Raven’s total funding to date to $16.5 million (C$22 million).

Founded in 2013 by Martin Cloake and Braden Stenning, Raven helps manufacturing companies empower the frontline and improve operational performance with its automated contextualization and OEE monitoring software. At present, it serves manufacturers globally in discrete, food and beverage, pharmaceuticals, agri-food, healthcare and other sectors.

“Manufacturing is changing rapidly with the huge influx of high tech, Industry 4.0 solutions. But despite investments, manufacturers still struggle to improve operational efficiencies and generate returns because they don’t have sufficient knowledge of their problems to deploy advanced technology solutions. Raven’s automated contextualization software solves this problem and we are thrilled to partner with them to unlock global manufacturing capacity and profits,” said Michael Dolbec, managing director at Momenta, in a statement.

“To address labor costs and mitigate supply chain issues, the majority of manufacturers have begun reshoring their productions. This will bring hundreds of thousands of manufacturing jobs back to Canada and the US to help boost our economies,” said Phil Stern, a managing director at Chartline Capital Partners. “We believe Raven’s solution will play a key role in engaging these frontline teams to provide the critical context and shop floor insights needed for businesses to drive lean improvements and gains.”

The funds raised will support continued growth and accelerate Raven’s vision to become the standard for contextual time, the company said.