Novarcs completes Series A round with Caterpillar Venture Capital

• The round was backed by Caterpillar, as well as Graham Partners, Export Development Canada and other investors
• The funds raised will be used to accelerate the development of Novarc’s robotics platform
• The company also plans to leverage the strategic relationship with Caterpillar to further enhance its technology and expand its global reach

Novarc Technologies, a Vancouver-based provider of advanced robotics solutions, has completed a Series A fundraising at an undisclosed amount.

The round was backed by Caterpillar Venture Capital, the strategic venture capital arm of US construction and mining equipment manufacturer Caterpillar, as well as Graham Partners, Export Development Canada and other investors.

Novarc specializes in the design and manufacturing of cobots and artificial intelligence-enabled machine vision solutions for autonomous welding. The company’s Spool Welding Robot is the first of its kind in pipe-welding applications.

The funds raised will be used to accelerate the development of Novarc’s robotics platform. The company also plans to leverage the strategic relationship with Caterpillar to further enhance its technology and expand its global reach.

“We are thrilled to welcome Caterpillar as an investor in Novarc. Their extensive industry expertise and global presence align perfectly with our goals. This investment will fuel the development of Novarc’s AI robotic welding solutions, enabling us to revolutionize the future of welding in manufacturing automation and beyond,” said Soroush Karimzadeh, CEO of Novarc Technologies, in a statement.

Novarc last year announced the close of the Series A’s first tranche with the backing of Graham Partners Growth, the growth equity strategy of Graham Partners.