Vention closes a $95M USUD Series C financing
by CM Staff
Vention is trying to empower high-mix manufacturers to implement industrial automation through cloud software and a modular hardware ecosystem.
MONTREAL — Vention, a digital manufacturing automation platform (MAP), announced the closing of US$95M in Series C financing, led by existing investor, Georgian. New investor Fidelity Investment Canada ULC (certain funds) also joined the round alongside existing investors White Star Capital, Bain Capital Ventures, and Bolt Ventures.
Vention is trying to empower high-mix manufacturers to implement industrial automation through cloud software and a modular hardware ecosystem. The self-serve platform combines a suite of engineering software and plug-and-play automation components, enabling manufacturing professionals to reportedly design, order, and deploy automated equipment by themselves directly from their web browser.
Proceeds from Series C financing will be used to try and grow Vention’s go-to-market, expand the company’s global distribution footprint, and accelerate the development of its hardware and software platform. The company expects to make some of those announcement’s public in September 2022 at its annual product launch event, Vention DemoDay.
“Democratizing industrial automation is an ambitious mission considering the $180B market. With 80% of manufacturing plants in the US having little to no automation, we’re at the dawn of a new era,” said Etienne Lacroix, CEO of Vention. “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.”
Most recently, Vention released code-free robot programming capabilities, which let users program their robot in the cloud, order the entire robot cell, and deploy it on their manufacturing floor entirely through the Vention platform.
“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.”