Vention, a Canadian digital manufacturing platform, has raised $13 million ($17 million CAD) in series A funding to accelerate the development its cloud-based CAD software, MachineBuilder 3D.
Ajay Agarwal, a partner at Bain Capital Ventures, who led this funding round, said,
“The company couldn’t be in a stronger position to seize an enormous market opportunity, and we’re excited to help Vention become a leader in the industrial equipment category.”
“As an active investor in robotics and automation, we’ve witnessed the convergence of collaborative robotics, increasing automation, and a growing need for speed and agility in today’s modern manufacturing world.”
Founded in 2016, Vention aims to change the way companies design and order their industrial equipment. With the MachineBuilder 3D software, customers can design conveyors, workstations, collaborative robots (cobots), and other assemblies, which are constructed from Vention’s hardware library.
Vention is also the first and only combined software and hardware platform certified to make assemblies for Universal Robots, a Danish manufacturer of industrial cobot arms.
In addition to developing MachineBuilder 3D, Vention plans to expand its modular hardware library to bring the “next wave of plug-and-play factory automation solutions to market”. The company also intends to upgrade a second platform which focuses on integrating new features. This additional platform includes smart part connections, comprehensive design collaboration tools, and 200 new modular components used in automated equipment, robot cells, tooling, and conveyors applications.
A smarter factory floor
As a result of digital manufacturing technologies such as additive manufacturing, production, in some cases, has become more efficient and cost-effective. Software such as MachineBuild 3D can help expedite the production of factory equipment.
Étienne Lacroix, founder and CEO of Vention added, “Building a large-scale industrial business takes a special breed of investor. We are excited to partner with Bain Capital Ventures, which has a long track record in our industry.”
“Working with Bain Capital Ventures means we’re bringing an investor on board with a deep understanding of our manufacturing clients’ needs.”
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Featured image shows the MachineBuilder 3D software. Image via Vention.