Worximity obtains $14M to accelerate manufacturing productivity
by CM Staff
Worximity reduces the impact of these manufacturing challenges with their algorithm and their digital technologies which reportedly measures performance in real time.
MONTRÉAL — Worximity, a Quebec-based technology company that tries to improve manufacturing productivity and profitability, announced on May 25 that it has closed a new $14 million dollar financing round. The company obtained the amount from Investissement Québec, who joins Worximitys’ investors, the Fonds de solidarité FTQ and its strategic investor Marel have also participated in this financing round, renewing their trust in Worximity.
Manufacturing companies face major challenges, some of these include labor shortages, rapid inflation and rising raw material prices. While the profitability, production capacity and growth prospects of companies are affected by these issues, businesses do not always realize that their production efficiency is only 30 to 50% of their real capacity.
Worximity reduces the impact of these manufacturing challenges with their algorithm and their digital technologies which reportedly measures performance in real time to identify, quantify and prioritize improvement opportunities that can be hidden in production data.
“Manufacturers are currently caught between unprecedented cost increases, staff shortage headaches to support orders and retailers who refuse to accept any price increase. With our technologies, we allow companies to produce more with the same equipment and the same staff. This impacts directly profitability, competitiveness and the ability to deliver orders on time. I am very proud of our teams, who are creating technologies which help the Quebec economy face the major challenges of today and tomorrow,” said Yannick Desmarais, founder and CEO, Worximity.
This investment is intended to support Worximity’s growth, as well as fund research and development to keep improving the technology and the products for Worximity’s customers. Clients already include major players in the manufacturing industry across Canada, the United States, Mexico and Europe.
“In addition to increasing the productivity of our SMEs, digital technologies are an effective response to the challenges created by labour shortages. With its cutting-edge solutions, Worximity will strengthen our government’s efforts in digital transformation and enable Québec manufacturers to be more efficient.” said Pierre Fitzgibbon, Minister of Economy and Innovation.