Georgian Partners led the Montreal-based manufacturing automation startup’s latest round. The company will use the financing to further develop Vention’s cloud-based platform and “grow its library of plug-and-play automation components, and continue international expansion.” (The Logic)
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Georgian Partners led the Montreal-based manufacturing automation startup’s latest round. The company will use the financing to further develop Vention’s cloud-based platform and “grow its library of plug-and-play automation components, and continue international expansion.” (The Logic)
Talking point: Vention is the latest manufacturing startup space to announce investment in recent days: on Monday, Waterloo’s Clearpath Robotics raised $40 million in Series C funding and Quebec-based Poka, which has created a connected worker, closed a $6.4-million round. Vention’s technology is used in over 1,000 factories, including those owned by Bombardier, Tesla, Siemens and BMW. Its Series B round comes just over a year after Vention raised $17 million in Series A financing; according to The Globe and Mail, the company is likely valued at more than US$150 million after this latest round. CEO Etienne Lacroix, a former GE product manager and McKinsey & Company consultant, expects the pandemic to slow its sales growth; he said revenue increased by around 400 per cent last year.
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