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Vention Raises $95M for Cloud Manufacturing Automation Platform

VentionFunding400x275

May 10, 2022

Montreal-based Vention, which develops a digital manufacturing automation platform (MAP), has announced raising $95 million in Series C financing. The company said it will use the new funds to grow its go-to-market, expand its global distribution footprint, and accelerate the development of its hardware and software platform.

Founded in 2016, Vention empowers high-mix manufactures to implement industrial automation through cloud software and a modular hardware ecosystem. The self-service platform combines easy-to-use engineering software and plug-and-play automation components, Vention said. This lets manufacturing professionals design, order, and deploy automated equipment by themselves directly from their web browser.

The company said its clients save on the costs associated with system integration services, which is often a hurdle for small and midsize businesses looking to automate. In addition, the single-platform approach to the design-to-deployment workflow cuts the project time from months to days, enabling clients to benefit from industrial automation much sooner than through traditional approaches.

“Democratizing industrial automation is an ambitious mission considering the $180 billion market,” said Etienne Lacroix, CEO of Vention. “With 80% of manufacturing plants int he U.S. having little to no automation, we’re at the dawn of a new era. Current manufacturing floors are made of a multitude of robot arms, conveyors, sensors and tooling equipment. Each component has its own compatibility standards, programming language, and point of sales. Vention has emerged as the one platform where clients can do it all: design, automate, order and deploy. Such integration lowers the barrier to accessibility that is needed to democratize the industry.”

The funding round was led by existing investor Georgian, with participation from White Star Capital, Bain Capital Ventures, and Bolt Ventures. Fidelity Investment Canada ULC (certain funds) also joined the round as a new investor.

“We are excited to deepen our partnership with Vention as they create new opportunities for manufacturers of all sizes to access industrial automation and robotics like never before,” said Emily Walsh, lead investor at Georgian. “We have seen first-hand how Vention delivers integrated software and hardware innovations, such as palletizing, conveyor and robot tending applications, that foundationally transform their customers’ manufacturing operations. Georgian looks forward to continuing to support Vention as they expand globally and scale their world-class team.”

Vention said it currently serves more than 3,000 clients through offices in Montreal, Boston, and Berlin. Industries supported include companies in aerospace, automotive, industrial goods and machinery, medical devices, food and beverage, and construction materials. Vention said its clients have used the platform to create everything from robot cells and assembly lines, to proprietary automated equipment and tooling.

The company recently released code-free robot programming capabilities, which lets users program their robot in the cloud, order the entire robot cell, and deploy it on their manufacturing floor entirely through the Vention platform.

For additional details on the company and platform, visit the Vention website here.


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