Vention, a company that offers a digital manufacturing automation platform, announced that it closed its Series C funding round with $95 million raised. The company plans to use the funding to grow its go-to-market, expand the company’s global distribution footprint and accelerate the development of its hardware and software platform.
Georgian, one of Vention’s existing investors, led the funding round. Georgian is building a platform to accelerate growth-stage software companies. Fidelity Investment Canada, a new investor, also joined the investment round. Previous investors, White Star Capital, Bain Capital Ventures and Bolt Ventures, joined the round as well.
“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,” Emily Walsh, lead investor at Georgian, said. “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’s platform has a suite of engineering software and plug-and-play automation components. It allows users to design, order and deploy automated equipment by themselves from their browser.
“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,” Etienne Lacroix, CEO of Vention, said. “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.”
Today, Vention serves 3,000+ clients, and has offices in Montreal, Boston and Berlin. It’s platform is at work in the aerospace, automotive, industrial goods, machinery, medical devices, construction material and food and beverage industries.