Fonds de solidarité invests US $15M in Vention

CPE News

CPE News (10.10.2023) – Vention has secured an investment of US $15 million from Fonds de solidarité FTQ.

Founded by Étienne Lacroix and Max Windisch, Vention helps some of the most innovative manufacturers automate their production floors in just a few days through a democratized user experience. Vention’s digital manufacturing automation platform allows clients to design, automate, order, and deploy automated equipment directly from their web browsers.

With new funding, Vention will continue its strong growth and pursues its mission to democratize industrial automation, thereby boosting the productivity and competitiveness of manufacturing companies.

Vention is principally backed by Bain Capital Ventures, White Star Capita, Georgian.

photo credit: Vention

News Release

Vention bolsters its partnership with Fonds de solidarité FTQ to boost automation in Quebec’s manufacturing industry

MONTREAL, Oct. 10, 2023 /PRNewswire/ – Vention, the Quebec-based company behind the only fully integrated manufacturing automation platform (MAP), is proud to announce an investment of US$15 million from the Fonds de solidarité FTQ. With the support of its partners, Vention continues its strong growth and pursues its mission to democratize industrial automation, thereby boosting the productivity and competitiveness of manufacturing companies.

Vention has been a pioneer in making industrial automation accessible to manufacturers through a unique digital environment. By combining 3D design, code-free industrial programming, e-commerce logistics and a library of over 1,000 modular automation components, Vention customers can complete their industrial automation projects three times faster, and at 40% less cost than traditional methods. The company’s easy-to-use solution enables manufacturers, from small- and medium-sized enterprises to multinational corporations, to improve plant efficiency and profitability.

In this regard, Vention has recently invested in its Montreal offices to create its Experience Centre, aimed at facilitating access to advanced industrial automation technologies for local businesses. The Vention Experience Centre offers free training and demonstrations for Quebec manufacturers of all sizes. These one- or two-day workshops cover the entire automation process, from design to operation, while enabling participants to acquire skills directly applicable to their manufacturing sector. What’s more, from this fall onwards, Vention will be making its facilities and training more available to collaborate with companies supported by the Fonds.

For more than 30 years, the Fonds de solidarité FTQ has been actively contributing to the growth and competitiveness of Quebec companies on a global scale. Its renewed investment in Vention illustrates the Fonds’ commitment to advancing Quebec’s industrial capabilities, creating high-value-added jobs, and stimulating economic growth. Through its partners’ investments, including the Fonds de solidarité FTQ, Vention continues to develop its MAP, the world’s only fully integrated cloud-based platform offering complete automated solutions, from design to deployment.
Quotations

“Democratizing industrial automation is an ambitious goal, given the $180 billion market. The Fonds de solidarité FTQ is an institution that has made an invaluable contribution to advancing the business sector in Quebec for over 30 years. We are delighted that, through this act of renewed confidence, the Fonds de solidarité FTQ is demonstrating its commitment to Quebec companies looking to automate their factories. We’re also excited to welcome other Quebec manufacturers, including those supported by the Fonds, to help them better understand the little-known field of industrial automation and robotics.” — Etienne Lacroix, CEO, Vention.

“Supporting the right technological transition means investing in SMEs, so that they can adopt the new technologies that will make them more productive and competitive while stimulating the creation of value-added jobs. Investing in companies like Vention helps manufacturing SMEs take the right steps. We are therefore proud to support Etienne Lacroix, Max Windisch and the entire Vention team, who offer Quebec manufacturers the solutions they need to meet future challenges.
—Christian G. Brosseau, VP, Private Equity and Impact Investing, Structuring Capital, Energy and Environment, Fonds de solidarité FTQ.

Vention in figures:

Founded in July 2016 in Montreal, Canada, by two Quebec entrepreneurs, Etienne Lacroix and Max Windisch.
302 employees in 2023, 269 of whom work from Montreal, Quebec.
Serves more than 4,000 discrete manufacturing customers on five continents.
More than 15,000 pieces of manufacturing equipment were designed and deployed using Vention’s MAP.
Vention’s Experience Centre in Montreal opened in April 2023 to offer Quebec manufacturers free, state-of-the-art training and demos.

About Vention

Vention helps some of the most innovative manufacturers automate their production floors in just a few days through a democratized user experience. Vention’s digital manufacturing automation platform allows clients to design, automate, order, and deploy automated equipment directly from their web browsers. Headquartered in Montreal, Canada, with offices in Berlin and Boston, Vention’s 302 employees serve 4,000+ customers on five continents and 25 manufacturing industries.

Over the years, the company has been awarded many business and industry recognitions. In 2022 only, the company was awarded the prestigious Deloitte 2022 Technology Fast 50m, Report on Business Canada’s top growing company, and Best Work Place (for professional development).

For more information, visit vention.com or follow us on LinkedIn.

*MachineMotion, MachineLogic, MachineCloud, and Vention are trademarks of Vention Inc.
About the Fonds de solidarité FTQ

A source of pride for Quebecers, the Fonds de solidarité FTQ fulfills its mission thanks to a unique business model created 40 years ago. Since its inception, the Fonds has rallied Quebecers, collecting and channelling the retirement savings of its 765,721 shareholders-savers into investments that help drive the Quebec economy.

With net assets of $18.4 billion as at May 31, 2023, the Fonds supports more than 3,700 companies through venture and development capital investments underpinned by the conviction that impact is created as much by financial as social returns. For more information, visit fondsftq.com or our company page on LinkedIn.

SOURCE Vention