Graham Welds a New Partnership with Latest Investment
September 27th, 2022
PHILADELPHIA
Graham Partners Growth, the growth equity strategy of Graham Partners, is pleased to announce that it has completed a minority growth equity investment in Novarc Technologies (“Novarc”). Headquartered in Vancouver, Canada, Novarc is a designer of cobots and AI systems for robotic welding applications in industrial and commercial end markets. Novarc’s platform includes a Spool Welding Robot (“SWR”), software service offerings, and data analytics to measure productivity and quality. Graham believes NovEyeTM, the company’s proprietary AI software, will fully automate arc welding for pipe applications, increase welder productivity and weld quality, save costs and allow welders to focus on more complex welding tasks.
Graham Partners believes Novarc is benefiting from the conversion toward automation and the use of robotics, particularly in welding applications. There is a shortage of qualified welders globally, and continued demand for piping is being driven by significant levels of infrastructure investment worldwide. Graham believes Novarc’s combination of proprietary hardware and software allows the company to position itself as a preferred supplier of AI-driven pipe welding solutions in a variety of end markets. Novarc’s highly motivated and experienced leadership team is focused on long-term value creation and intend to leverage their deep welding expertise and strong engineering backgrounds to execute on key initiatives.
Dennis Dunegan, Managing Principal at Graham Partners Growth, stated, “As investors in advanced manufacturing businesses for over 20 years, we were excited by the solution that Novarc provides to customers and the team’s deep engineering experience and focus on innovation. We are looking forward to leveraging our expertise to support the company’s continued new product development efforts and expansion with new and existing customers.” Soroush Karimzadeh, co-founder and CEO of Novarc added, “We believe that now is the optimal time for technological transformation in the fabrication and welding industries and are excited to help drive that change. Graham’s industrial expertise is very valuable and we believe will accelerate our momentum.”
Novarc Technologies is a full-stack robotics company specializing in the design and commercialization of cobots and AI-based machine vision solutions for autonomous welding. Novarc has dedicated a team of engineers and scientists to solve challenging welding automation problems that improve customers’ bottom line. Learn more at novarctech.com.
FOR FURTHER INFORMATION CONTACT:
Dennis Dunegan (ddunegan@grahampartners.net)
Tel: (610) 408-0500
FOR NOVARC:
Debra Hadden (debra@novarctech.com)