Novarc Technologies Raises $50M

Novarc Technologies Inc., a full-stack AI robotics company specializing in the design and manufacturing of automated welding solutions, has raised $50 million in a series B funding round. The company plans to use the funds to advance the company’s R&D efforts and development of AI-driven solutions.

Novarc’s AI-powered intelligent adaptive welding system NovAI utilizes machine vision, leveraging deep neural networks for perception and real-time adjustments. The technology removes the need for prescanning and robotic reprogramming. The company plans to make NovAI Autonomy commercially available this summer.

The round was led by Export Development Canada, Canada’s export credit agency, with participation from private investment firm Graham Partners, Seaspan, and InBC Investment Corp.