Montreal-based Kinova, a developer of robotic solutions in the medical and industrial markets, has raised $32 million (C$40 million) in financing. The round was led by Graham Partners, with the participation of Export Development Canada. The funds raised will help accelerate the commercialization of Kinova’s solutions and the development of new products.
MONTREAL , Feb. 9, 2022 /CNW Telbec/ – Kinova®, a leading privately-held developer of robotic solutions in the medical and industrial markets, announced the prior closing of investments totaling $40 million ($US 32 million), led by Graham Partners with the participation of Export Development Canada (EDC). The robotics company is also pleased to announce the prior closing of an agreement with the Government of Canada under the Strategic Innovation Fund (SIF) for a total of $20 million ($US 16 million).
These investments will accelerate the development and commercialization of Kinova’s solutions. In addition, the Canadian robot maker will use the funds to augment engineering resources to meet the demands of global customers. The new products for the industrial markets will be announced later in 2022.
“Kinova is expected to benefit from Graham Partners’ deep domain expertise in medical and industrial technology, as well as experience deploying automation solutions across its portfolio of advanced manufacturing and industrial technology businesses. Graham Partners will leverage its industry resources, operational expertise, and commercial knowledge to support Kinova’s growth,” stated Charles Deguire, President, and CEO of Kinova.
Dennis Dunegan, Managing Principal of Graham Partners, added, “We believe Kinova’s cobot technology and expertise in both medical and industrial applications is unique in the robotics industry. We are excited to leverage our expertise to help drive value creation and growth at Kinova.” Marc Belanger, Chief Financial Officer of Kinova, added, “We are excited to have Graham Partners and EDC as shareholders. They will allow Kinova to continue its impressive international growth both organically as well as through acquisitions.”
“Canadians are developing innovative solutions to real world problems and our government will always be there to support them. Kinova’s robotic products demonstrate this type of innovation and we’re proud to support them as they scale up manufacturing, create high quality jobs, and help grow Canada’s global leadership in the next-generation of robots.” said The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
The company was supported on the transaction by Fasken Martineau DuMoulin LLP as legal counsel. Dechert LLP and Stikeman Elliott LLP acted as legal counsel to the investors.
Kinova Inc., headquartered in Boisbriand (Greater Montreal), Quebec, Canada, is a leader in innovative robotics. Founded in 2006, the company designs and manufactures robots for various markets, including medical robotics, assistive robotics, research and education, and more recently industrial and professional automation. Kinova’s ingenious technology improves and extends the capabilities of customers with a human-first approach to serve the growing need for robotics across increasingly complex industries. For more information, visit kinovarobotics.com