NEW YORK | September 27th, 2022 – Novarc Technologies Inc. (“Novarc”), a full-stack robotics company specializing in the design and commercialization of collaborative robots (“cobots”) and AI-based machine vision software and systems for robotic welding applications, announced today the company has received Series A investment from Graham Partners Growth, the growth equity strategy of Graham Partners. This is a pivotal capital investment, which will allow Novarc to broaden its robot and AI product line and accelerate its global expansion.
Drake Star acted as the exclusive financial advisor to Novarc on this transaction.
“We’re very excited to have closed this Series A financing with Graham Partners, which will be used to fund the expansion of Novarc’s sales and marketing efforts in North America, Europe, and Asia, and continued investment in research and development in AI and robotics,” says Soroush Karimzadeh, CEO of Novarc Technologies. “We have seen global demand steadily increasing for an automation solution like Novarc’s. Today, some of the top companies in the building construction, manufacturing, engineering, energy, off-shore, and shipbuilding industries are employing our invention, the Spool Welding Robot (SWR™).”
Dennis Dunegan, Managing Principal at Graham Partners added, “We are excited to partner with Novarc as AI in robotics presents a tremendous opportunity and we are looking forward to leveraging our expertise to support the company’s continued new product development efforts and customer expansion.”
Novarc’s SWR revolutionized the welding industry by automating pipe welding and paved the way for the introduction of cobots in the welding industry. The SWR works alongside a human operator to increase productivity and weld quality and consistency, with the ability to recover clients’ capital investment within six to 18 months.
“This investment also allows us to scale our multidisciplinary team in robotics, AI, vision, welding, sales, and support to meet the ramp-up in demand for factory automation,” adds Karimzadeh. “The deployment of collaborative robots enhanced by vision and artificial intelligence will increasingly be the mainstay in fabrication facilities of many industries – this funding will provide Novarc with the bandwidth to meet this demand.”
Novarc has been recognized among 500 other companies on The Financial Times list of The Americas’ Fastest Growing Companies 2022, and was also recently named to the Globe and Mail’s Report on Business 2022 ranking of Canada’s Top Growing Companies; both awards were based on Novarc’s significant three year revenue growth, from 2019-2021 and through the challenging years of a global pandemic. Earlier this year, CB Insights named Novarc to its Advanced Manufacturing 50 ranking, showcasing the 50 most promising private advanced manufacturing companies in the world. In 2019, Novarc received the Excellence in Technology Innovation Award from the BC Tech Association, recognizing innovative ventures fueling growth and global competitiveness.
This recognition is testament to Novarc’s growth trajectory, as the company has experienced a more than doubling of both employees, and SWR sales this year. This momentum is expected to be further propelled by Novarc’s unique and even more disruptive product offerings, such as the new AI-powered weld control software, NovEye™.
“Drake Star’s knowledge of the technology landscape and world market trends, as they apply to the value inherent in our robotic welding solution was invaluable in constructing this deal,” says Karimzadeh.
Steven Dana, Partner at Drake Star added: “We are delighted to have had the opportunity to work with Soroush (CEO of Novarc) and the entire Novarc team on this transaction. They have built a remarkable business that is having a material impact on the automation of the massive welding market. The partnership with Graham Partners will help propel Novarc into the next stage of its exciting journey.“
Drake Star Team: Steven Dana, Adam Aist, Michael Heilweil, Alan Boozer
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About Novarc Technologies Inc
Novarc Technologies is a full-stack robotics company specializing in the design and commercialization of cobots and AI-based machine vision solutions for autonomous welding. Novarc’s Spool Welding Robot (SWR) is the world’s first of its kind in pipe welding applications. As a proven pioneer in the field, Novarc has dedicated a team of engineers and scientists to solve challenging welding automation problems that improve customers’ bottom line.
For more information, visit www.novarctech.com.
About Graham Partners Growth
Graham Partners Growth is the growth equity strategy of Graham Partners, a private investment firm focused on investing in technology-driven companies that are spurring innovation in advanced manufacturing, resulting in product substitutions, raw materials conversions, and disruptions to traditional end markets.
For more information, www.grahampartners.net.
About Drake Star
Drake Star is an award-winning global tech investment bank that has completed over 400 transactions since 2003. Drake Star team of over 100 senior professionals across offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Dubai*, and Singapore* focuses on mergers & acquisitions and corporate finance services worldwide in Consumer & Retail Technology, Digital Media, FinTech, Mobility & Sustainability, Software/SaaS, Digital Services, and Industrial Tech sectors.
Drake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Kession Capital Ltd (FRN582160) which is authorized and regulated by the Financial Conduct Authority. © 2022 Drake Star Partners Limited.
For more information, visit www.drakestar.com.