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Founded Year

2013

Stage

Series A - II | Alive

Total Raised

$28.37M

Last Raised

$20M | 6 mos ago

Revenue

$0000 

Mosaic Score
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

+10 points in the past 30 days

About Novarc Technologies

Novarc Technologies is a robotics company specializing in the design and commercialization of robots and AI systems for robotic welding applications. The company serves industries such as mechanical contracting, oil and gas, shipbuilding, and engineering procurement construction. Novarc Technologies was founded in 2013 and is based in Vancouver, Canada.

Headquarters Location

1225 Keith Road East Unit 6

Vancouver, British Columbia, V7J 1J3,

Canada

236-477-5347

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Novarc Technologies's Product Videos

ESPs containing Novarc Technologies

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTH ➡MARKET STRENGTH ➡LEADERHIGHFLIEROUTPERFORMERCHALLENGER
Industrials / Manufacturing Tech

The robotic welding market involves the use of automated robotic systems to perform welding tasks. By enabling precise and consistent welding operations, these solutions can help users boost operational efficiency, minimize errors, and improve product quality. Additionally, robotic welding systems can operate for extended periods, contributing to higher production rates.

Novarc Technologies named as Leader among 9 other companies, including KUKA, Wandelbots, and Bo Tsing Tech.

Novarc Technologies's Products & Differentiators

    Spool Welding Robot

    Welding cobot for automating pipe welding

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Research containing Novarc Technologies

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Novarc Technologies in 3 CB Insights research briefs, most recently on Sep 28, 2023.

Expert Collections containing Novarc Technologies

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Novarc Technologies is included in 8 Expert Collections, including Construction Tech.

C

Construction Tech

1,071 items

Companies in the construction tech space, including additive manufacturing, construction management software, reality capture, autonomous heavy equipment, prefabricated buildings, and more

R

Robotics

2,342 items

This collection includes startups developing autonomous ground robots, unmanned aerial vehicles, robotic arms, and underwater drones, among other robotic systems. This collection also includes companies developing operating systems and vision modules for robots.

O

Oil & Gas Tech

810 items

Companies in the Oil & Gas Tech space, including those focused on improving operations across upstream, midstream, and downstream sectors, as well as those working on sustainable fuels.

A

Artificial Intelligence

11,617 items

Companies developing artificial intelligence solutions, including cross-industry applications, industry-specific products, and AI infrastructure solutions.

A

Advanced Manufacturing

5,110 items

Companies in the advanced manufacturing tech space, including companies focusing on technologies across R&D, mass production, or sustainability

A

Advanced Manufacturing 50

50 items

Novarc Technologies Patents

Novarc Technologies has filed 9 patents.

The 3 most popular patent topics include:

  • welding
  • actuators
  • aerobatic maneuvers
patents chart

Application Date

Grant Date

Title

Related Topics

Status

4/8/2022

12/26/2023

DOS games, Graphical projections, Ship measurements, Amiga games, Windows-only games

Grant

Application Date

4/8/2022

Grant Date

12/26/2023

Title

Related Topics

DOS games, Graphical projections, Ship measurements, Amiga games, Windows-only games

Status

Grant

Latest Novarc Technologies News

GenAI and global trade shifts to boost robotics in 2024

Jan 8, 2024

GenAI and global trade shifts to boost robotics in 2024 Jan 8, 2024 • Roshini Bains Labour shortages and the ability to accelerate robot programming with genAI will breathe new life into the sector in 2024 say investors. Photo courtesy of Pexels Robotics startups have always had high failure rates due to high engineering costs and 2023 saw, among other things, the demise of Karakuri, a robotic chef company that announced its collapse in August 2023 due to a lack of funding. Former pizza-robot company Zume, which had been backed by SoftBank, went into liquidation, German cobot arm-maker Franka Emika filed for insolvency and Dutch agricultural robot maker Honest AgTech was declared bankrupt. Kazuhiko Chuman, general manager of KDDI Open Innovation Fund But on the whole, investors are positive about the future of robotics. The arrival of generative artificial intelligence has the potential to accelerate the programming of robots dramatically, says Kazuhiko Chuman, general manager of KDDI Open Innovation Fund, the investment arm of Japanese telecoms company KDDI. “The process of perceiving the surroundings based on a robot’s camera input, predicting movement direction, deciding how to move the robot, and operating the robot was divided into four separate functions. The processing after the camera input was traditionally designed by human programmers,” he says. “However, with generative AI taking over the programming tasks, we anticipate a dramatic acceleration in the evolution of speed with which these processes can be improved.” More forecasts for 2024 Soroush Karimzadeh, the chief executive and co-founder of Novarc Technologies, agrees that excitement around generative AI is leading to more investments in the hardware sector. “The vast amount of capital is still at the seed or series A level, as there has been an influx of start-ups in the robotics industry spurred by the development of AI-based robots,” he says. A global shift Beyond this, the industry is also seeing a shift in where robotics developments take place, with countries such as the US and Canada becoming increasingly involved in the production side, Karimzadeh says. “Canada and the US have historically been an end-user market for robotic technology and automation systems. The North American region has lagged behind Europe in innovation and Asia in the production of these technologies for industrial applications. Over the last few years, this trend has begun to shift,” says Karimzadeh. Tensions with China, which is shifting hardware production back to the US, coupled with a growing need for automation are pushing the transition. “More industries need to automate their manufacturing processes to be competitive, address labour shortages and manage supply chain challenges,” Karimzadeh says. Novarc Technologies is a Canada-based automation company that specialises in welding cobots for small pressure vessels such as air tanks. In September 2023, the startup raised $20m in a series A round with Caterpillar Venture Capital, the corporate venture arm of US-based engineering equipment manufacturer Caterpillar leading the round. Winning Caterpillar as a corporate was a major win for Novarc, says Karimzadeh. “Despite challenging market conditions, we have been successful in attracting investors, specifically the latest investment by Caterpillar Ventures. Attracting investors has been made easier by the fact that our user case model is easily understood.” “There remains strong interest in companies like Novarc with significant revenue in robotics space that provides the manufacturing industry with a collaborative robot that increases productivity and enhances weld quality allowing fabricators to remain competitive in key infrastructure bids,” Karimzadeh says. Investment down from 2021 highs Corporate investment in robotics startups has halved from a high of $9bn in 2021. “Compared to 2021, when the pandemic heightened expectations for automation in operations, the post-Covid normalised world has seen a trend of decreasing overall investment amounts,” says Chuman. However, taking a broader view, $4.53m in investment in 2023 is still significantly higher than 2020 levels. KDDI has been one of the most active investors in the robotics sector in 2023, with four robotics investments this year. “In February, we invested in Lebo Robotics, which develops inspection and repair robots for wind turbines. In March, we invested in Yogo Robot, which offers multifunctional delivery robots capable of handling multiple applications with a single unit. In May, we invested in GITAI Japan, which is developing general-purpose robots for space operations,” says Chuman. In July 2023, the company also invested in Telexistence, a developer of remote control and AI robots. Chuman says that the need for robotic assistance in Japan has meant that the market is attractive for investors. Novarc Technologies’ product “The ongoing need for companies to address issues related to the supply chain due to population decline and aging in Japan, as well as labour shortages, combined with the rising global interest in generative AI, means that this sector remains an important area for investors,” he says. Robotics companies are becoming more adept at showing how they can save customers money and operating costs, says Chuman. “Our investee robotics company Telexistence, originally known for its human-operated remote robotics technology, pivoted to specialise in automating restocking operations for convenience stores, leading to significant contract wins,” he says. Showing how the robots could replace specific operational tasks positions Telexistence well to scale up. Surgical robots Another robotics investor to watch is Intuitive Ventures, the venture capital firm of US-based medical devices manufacturer Intuitive Surgical. Murielle Thinard McLane, managing partner at Intuitive Ventures Intuitive Ventures raised a second, $150m fund in 2023, which will allow it to expand investment activities, says Murielle Thinard McLane, the newly appointed managing partner. “Fund II will allow us to further scale our impactful investment approach, and accelerate the creation of innovative minimally invasive care solutions,” she says. “In August, we had the privilege of supporting Capstan Medical as they launched out of stealth with an oversubscribed $31.4 million series B round. This Intuitive Ventures portfolio company is transforming the treatment of structural heart disease via endovascular robotics,” she says. Other notable medical robotics startups that are featured in Intuitive Ventures’ portfolio include Neocis, a Florida-headquartered company that develops assisted dental implant surgery robots. Neocis raised $40m in additional funding in 2022 bringing its total investment to $160m. McLean expects more healthcare systems will begin to adopt surgical robotics in the coming year. “More healthcare systems around the world are embracing surgical robotics, and generally adopting new technologies that will make it easier to detect disease earlier, champion the power of the consumer/patient in the delivery of precisely targeted personalised therapeutics, and harness rich data that will collectively improve outcomes across the patient care continuum,” she says. Legal challenges to dominate in 2024? Chuman says the robotics sector will see more scrutiny in 2024 around safe practice. “Privacy and surveillance concerns arise as advanced monitoring capabilities may lead to infringements on individual privacy. The issue of liability for autonomous robots is also pressing, with accountability for accidents and damages becoming less clear. On the employment front, automation could exacerbate social inequalities and economic disparities due to job displacement,” he says. Photo courtesy of FreePik “In military applications, the use of autonomous weapon systems could fundamentally change the nature of warfare and increase risks to non-combatants. Considering these ethical concerns, corporations and investors must collaborate with technology developers and policymakers to make informed investment decisions and to support the growth of their investee startups,” he says. Labour shortages to push growth There is expected to be a shortage of 314,000 welders in the US in 2024, pushing a need for welding services like Novarc’s, says Karimzadeh. “I anticipate there will be increased consolidation and IP acquisition within the robotics sector as new infrastructure laws in the US will drive up the need for welding services,” he says. “The industry will need to implement welding automation systems. There will be more development in AI which will enable more intelligent robot deployments.” There will be an opportunity for new software to be developed for these robots. “Taking the welding industry as an example: welding robots only provide the hardware; they lack the welding logic and cognition to provide a fully packaged solution for welding applications. The next step forward is an autonomous and adaptive welding solution that uses artificial intelligence and computer vision. This wave of robotic welding can address the shortage of highly skilled welders and dramatically improve pipe weld quality.” Roshini Bains

Novarc Technologies Frequently Asked Questions (FAQ)

  • When was Novarc Technologies founded?

    Novarc Technologies was founded in 2013.

  • Where is Novarc Technologies's headquarters?

    Novarc Technologies's headquarters is located at 1225 Keith Road East, Vancouver.

  • What is Novarc Technologies's latest funding round?

    Novarc Technologies's latest funding round is Series A - II.

  • How much did Novarc Technologies raise?

    Novarc Technologies raised a total of $28.37M.

  • Who are the investors of Novarc Technologies?

    Investors of Novarc Technologies include Graham Partners, Export Development Canada, Caterpillar Ventures, Government of Canada, BDC Capital and 3 more.

  • Who are Novarc Technologies's competitors?

    Competitors of Novarc Technologies include Inrotech and 5 more.

  • What products does Novarc Technologies offer?

    Novarc Technologies's products include Spool Welding Robot and 2 more.

  • Who are Novarc Technologies's customers?

    Customers of Novarc Technologies include Ganotec, Seaspan , WWGAY, RoboFab and Worley.

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Compare Novarc Technologies to Competitors

Hirebotics Logo
Hirebotics

Hirebotics offers cloud-connected robots for hire. It includes products such as beacon cloud tools and cloud-connected robotic weld cells that are controlled via an iOS or Android application. The company was founded in 2015 and is based in Nashville, Tennessee.

Inrotech Logo
Inrotech

Inrotech is a company that specializes in automation solutions, specifically in the domain of robotic welding. The company offers mobile robotic welding solutions that are characterized by a high level of automation and simplicity of operation, providing precise and quick results, less waste, and increased safety and efficiency. It was founded in 2009 and is based in Odense, Denmark. In June 2022, Peter Mads Clausen acquired a majority stake in Inrotech.

W
WEEZ-U WELDING

WEEZ-U WELDING is a company focused on developing and manufacturing teleoperation tools in the welding industry. Their main product is a collaborative robotic arm that assists welders, aiming to eliminate the dangerous and strenuous aspects of their work. The company primarily serves sectors such as terrestrial and naval construction, energy, transport, and special manufacturing. It was founded in 2020 and is based in Nantes, France.

Path Robotics Logo
Path Robotics

Path Robotics is a company that focuses on artificial intelligence in the manufacturing industry. The company's main offerings include manufacturing robots that autonomously scan, position, and weld parts, eliminating the need for skilled welders or robot programmers. It was founded in 2014 and is based in Columbus, Ohio.

O
Oseir

Oseir specializes in diagnostic systems for the thermal spray and cold spray coating industry. The company offers equipment and software for process quality control, research and development, and other industrial applications to enhance coating quality and efficiency. Oseir's products are primarily utilized in the aerospace sector. It was founded in 1999 and is based in Tampere, Finland.

T
Tecnar

Tecnar designs, develops, manufactures, and markets advanced sensors for industrial process monitoring and control. It offers a pipe spool welding robot, thermal spray monitoring solution, real-time bath management tool, laser-ultrasonics for non-destructive testing, real-time weld inspection, and more. It was founded in 1989 and is based in Saint-Bruno, Quebec.

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