Vention Inc., a Canadian startup specializing in tailored automation solutions for manufacturers, has successfully raised $110 million in its Series D funding round. Spearheaded by the investment arm of the Quebec government, this financing also saw participation from Nvidia Corp.’s NVentures and several other institutional investors.
Vention distinguishes itself by offering an extensive catalog of over 3,000 hardware products, which encompass everything from basic metal components to advanced robotic arms. Through its cloud-based platform, MachineBuilder, clients can effortlessly create customized production lines. For instance, an automotive manufacturer can design a system that integrates three conveyor belts, each equipped with a robotic arm specifically optimized for soldering tasks.
One of MachineBuilder’s standout features is its built-in artificial intelligence, which provides users with design enhancement suggestions. For example, when processing heavy automotive parts, the software might recommend ways to strengthen a conveyor belt’s frame to improve performance. Additionally, an intuitive version control tool allows users to save and revert to different system design iterations seamlessly.
Once a production line is designed, MachineBuilder generates a comprehensive cost estimate and bill of materials, ensuring that hardware can be dispatched within just days. Accompanying the equipment are AI-generated assembly instructions, streamlining setup for factory staff.
Moreover, Vention’s innovative software, MachineLogic, allows companies to program their new automation solutions while also serving as a powerful simulation tool. For instance, an online retailer could simulate the time it takes for a robotic arm to package a specific type of parcel, aiding engineers in fine-tuning their automation configurations.
Robust performance is further supported by MachineMotion, a computing module included with Vention’s robots, powered by Nvidia’s Jetson system-on-chip series. This system facilitates remote management and over-the-air updates, as well as functions as a production line monitoring tool. By integrating with factory floor cameras, MachineMotion can capture valuable data, which can be analyzed in Vention’s observability application, MachineAnalytics. This application offers insights into machine health and performance metrics, alerting staff to potential issues, such as insufficient power supply to a conveyor belt motor.
The Jetson chip within MachineBuilder allows on-device AI capabilities, including the automation application AI Operator, which assists robots in efficiently picking and organizing items. For example, a robot can leverage AI Operator to select products from a large crate and prepare them for shipment to customers.
With over 25,000 of its robots operating in more than 4,000 facilities globally, Vention has recently achieved an annualized recurring revenue exceeding $100 million. The fresh capital will bolster its AI enhancements and expand its international footprint.
