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Digital manufacturing automation platform Vention announced recently the closing of a US$95 million Series C financing round. The funding was led by Georgian alongside new investor Fidelity Investment Canada and existing investors White Star Capital, Bain Capital Ventures, and Bolt Ventures.
Since 2016, Montreal-based Vention has empowered 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 components, enabling professionals to design, order, and deploy automated equipment directly from their web browser.
As a result, Vention says clients save on costs associated with system integration services—typically a significant investment hurdle for small and medium businesses seeking to automate, according to the firm. The single-platform approach to the design-to-deployment workflow also cuts the usual project time from months to days.
“Democratizing industrial automation is an ambitious mission,” said Etienne Lacroix, CEO of Vention. “We’re at the dawn of a new era.”
Since Vention raised its Series B round in 2020, the Canadian company has more than doubled its headcount to nearly 300.
Proceeds from Series C financing will be used to expand Vention’s global distribution footprint, accelerate development of its platform, and bolster its workforce. The company will add detail to these announcements in September at its annual product launch event, Vention DemoDay.
Current manufacturing floors are made of a multitude of robot arms, conveyors, sensors, and tooling equipment, notes Lacroix, which means that “each component has its own compatibility standards, programming language, and point-of-sale.” This can create tremendous friction.
Vention is “the one platform where clients can do it all: Design, Automate, Order, and Deploy,” says Lacroix. “Such integration lowers the barrier to accessibility that is needed to democratize the industry.”
Today, Vention serves more than 3,000 clients through its offices in Montreal, Boston, and Berlin.