Vention raises $38M to scale its cloud manufacturing automation platform
Expands the range of manufacturing processes that can be automated profitably
MONTREAL — Vention, a manufacturing automation technology company in Montreal, has raised $38 million to further develop its cloud-based platform, grow its library of plug-and-play automation components, and continue international expansion.
The series-B financing round was led by Georgian Partners, and included participation from previous investors Bain Capital Ventures and White Star Capital.
Founded in 2016, Vention is focused on making automated equipment accessible to everyone. Its cloud platform expands the range of manufacturing processes that can be automated profitably, while the simple user interface gives everyone access to industrial automation technologies. Users design, program, simulate, order, and commission automated equipment in a single digital environment.
The platform combines a suite of machine design and industrial automation technologies with hundreds of plug-and-play components, and next-day shipping across North America. Applications include material handling, conveying, pick and place, machine tending, fixturing and more.
The company said this round of funding will help it to accelerate the software and hardware product roadmap, support clients on more complex automation projects, and continue to expand its international presence.
Georgian Partner will join forces with Vention’s technology team to further expand the firm’s use of artificial intelligence and machine learning for machine design and digital supply chains.