Novarc Technologies has closed a $1 million seed round of financing led by Seaspan ULC with participation from BDC Capital.
Vancouver based Novarc are builders of advanced, collaborative robotic systems that allow pipe welding to be done more effectively using advanced control techniques.
This investment is a result of Seaspan’s Value Proposition obligations under the National Shipbuilding Strategy (NSS). As part of this agreement, Seaspan is committed to spending 0.5% of each resulting NSS contract to contribute to the development of a sustainable marine industry in Canada.
BDC Capital participated in the round via its Venture Acceleration Program for seed-stage ventures that graduate from select Canadian accelerators. These include BC’s Foresight Cleantech Accelerator program, which Novarc successfully completed.
“This is a very exciting time for Novarc Technologies,” said Soroush Karimzadeh, CEO of Novarc. “Seaspan’s support of our pipe welding technology, used as a key solution in the shipbuilding industry, reinforces their drive to innovate in shipbuilding services and their leadership in the marine transportation industry.”
The funding will be used to scale commercialization of Novarc’s Spool Welding Robot (SWR), a collaborative welding robot designed for high-mix, low-volume production, as well as expansion of Novarc’s sales and marketing efforts in North America, and continued investment in research and development.
“Innovation and technology are critical components of Seaspan’s vision of developing and growing a shipbuilding centre of excellence on the West Coast of Canada,” said Jonathan Whitworth, CEO – Seaspan. “We are thrilled to partner with Novarc Technologies, invest in the future of the marine transportation industry and take another step closer to creating a brighter future for thousands of British Columbians and their families.”
photo credit: Novarc Technologies
Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
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