Worximity Technology secures $6.25M Series A led by Marel

Worximity Technology Inc. has announced the closing of a $6.25 million Series A financing led by Marel hf. which invested $5 million. Existing investors, including W Investments and Fonds de solidarité FTQ, invested additional $1.25 million as part of the financing.

The financing closed in Q2 2019 and a representative from Marel will join Worximity’s board of directors.

Montréal based Worximity Technology is a developer of real-time connectivity technologies.

Gardabaer, Iceland based Marcel is a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish industries.

Worximity Technology intends to use Series A funding to increase the pace of development of technological innovations and to accelerate the conquest of international markets. The Worximity Technology team currently is comprised of 25 knowledge-based employees. The company plans to double its workforce by the end of 2020.

Worximity Technology previously raised $2 million in funding from W Investments, Fonds de solidarité and BDC Capital.

photo credit: Worximity Technology

News Release

Worximity Technology Raises $6.25 Million From Investors and Signs a Partnership with Marel, a Global Leader in High-Tech Food Processing Français

MONTREAL, Aug. 28, 2019 /CNW Telbec/ – Worximity Technology, a Montreal-based company focusing on Industry 4.0, announces a major new investment of $5 million by Marel, a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish industries, and a renewed vote of confidence from its current investors in the form of an additional $1.25 million investment. This $6.25 million Series A financing will be used to increase the pace of development of technological innovations and to accelerate the conquest of international markets.

This major partnership with Marel was only natural. Before launching his company, Yannick Desmarais, CEO and founder of Worximity, was already working in the food processing industry, where he was responsible for the ongoing improvement of several factories and knew the main equipment manufacturers in the food industry quite well.

Marel developed Innova, a food production management software that provides full traceability throughout the production process and helps food producers improve performance and enhance productivity, and is compatible with the Worximity TileboardTM technology. Marel employs more than 6,000 employees in more than 30 countries and invests approximately 6% of revenues in innovation every year.

A proven technology that is simple, scalable and reliable
The technology offered by Worximity plays a key role in the Fourth Industrial Revolution, as it connects all equipment and employees in processing facilities, allowing for real-time performance measurement and constant improvement in profitability allowing users to remain competitive in relevant markets. Since its founding, Worximity has collaborated with customers from around the world, including Barry Callebaut, BIC, Grupo Nutec, Daunat, Dessaint Traiteur, Fleury Michon, Royal Canin and Ozpak.

The Worximity Technology team is comprised of 25 knowledge-based employees, and includes software developers, engineers, data scientists, business analysts and specialists in artificial intelligence. The company plans to double its workforce by the end of 2020.

Quotes
“The strong compatibility of our technologies, as well as the simplicity of installation and use of our products has facilitated the process. Our two companies are well regarded in the food protein processing industry and Marel has a strong understanding of the challenges related to their investments. Their knowledge of international markets will help us accelerate our growth.” – Yannick Desmarais, Founder and CEO, Worximity Technology.

“With its real-time data collection and analytics cloud solutions, Worximity is a highly relevant partner for food processors looking to optimize their production using digital technologies. Worximity’s scalable solutions can be used by a wide range of food processors. It complements Marel’s comprehensive software solution, making the partnership a great opportunity to drive growth as food producers continue to harness the power of data and analytics to improve their operations.” – Arni Sigurdsson, Executive Vice President of Strategy & Development, Marel.

“Worximity fits perfectly into our strategy of supporting start-ups that help Quebec businesses increase their productivity. In fact, many of our partners are already using their products. This investment will further accelerate the marketing of Worximity products and strengthen its position in the Industry 4.0 market.” – Charles Sylvestre, Vice-President, Investments – Information Technology and Telecommunications, Fonds de solidarité FTQ.

“We have been proud to support Worximity’s growth for several years now, and are once again demonstrating our confidence by participating in this major financing round. This new partnership with Marel enables the company to accelerate its technological development and strategic positioning in the international Industry 4.0 market.” – Nicolas Bélanger, Managing Partner, W Investments.

About Worximity Technology Inc.
Since its founding in 2011, Worximity Technologies inc. has served more than 200 customers and has helped improve the performance of more than 1,000 projects around the world thanks to its innovative technologies that enable automatic data collection, real-time monitoring, analytical views, predictive insights, machine learning and artificial intelligence. The company also plays a leading role in promoting the industrial Internet of Things and Industry 4.0. For more information, please visit www.worximity.com.

About Marel
Marel is a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish industries. Our united team of more than 6,000 employees in over 30 countries delivered EUR 1.2 billion in revenues in 2018. Annually, Marel invests around 6% of revenues in innovation. By continuously advancing food processing, we enable our customers to increase yield and throughput, ensure food safety and improve sustainability in food production. Marel was listed on NASDAQ Iceland in 1992 and EURONEXT Amsterdam in 2019.

About W Investments
W Investments is a Quebec-based private investment firm that targets companies with high growth potential. Using the approach of an entrepreneur, we work closely with companies on their development by reinforcing their strengths and maximizing their efficiency without necessarily disrupting their business model or affecting key individuals in place. We truly promote talent, and we ensure positive change and guarantee expansion while bringing in added value which makes all the difference. For more information, please visit www.winvestments.ca.

About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital fund that channels the savings of Quebecers into investments. As at May 31, 2019, the organization had $15.6 billion in net assets, and through its current portfolio of investments has contributed to create and protect 215,104 jobs. The Fonds has 3,126 partner companies and 694,357 shareholders-savers.

SOURCE Worximity Technology Inc.

For further information: Martine Robert, + 1 514 212-7812, mrobert@national.ca

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

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.