Montréal’s AI Pioneer Vention Secures $110M in Series D Funding
Montréal-based Vention has successfully completed a $110 million USD (approximately $150 million CAD) Series D funding round. This investment aims to further enhance its innovative physical AI platform designed for manufacturing plants globally.
Significant Funding Acquisition
The recent funding comes as Vention achieves an annual run rate surpassing $100 million CAD. CEO Etienne Lacroix announced this milestone in an interview, emphasizing the company’s commitment to scaling and improving its technology.
Investissement Québec led the funding round, with participation from notable investors including Nvidia’s venture division, Desjardins Capital, and Fidelity Investments Canada. This all-primary investment structure consists mainly of equity, augmented by a small credit facility, bringing Vention’s total funds raised to over $300 million CAD.
Future Plans for Expansion
The company plans to allocate the new capital towards accelerating research in physical AI. This technology utilizes machine learning to enhance how robots and machines navigate real-world environments. Vention aims to add new features to its software and expand its European operations, supported by its existing offices in Germany.
Innovative Solutions for Manufacturing
Founded in 2016 by Lacroix and CTO Max Windisch, Vention provides a self-serve platform combining engineering software and plug-and-play hardware. This platform allows manufacturing professionals to efficiently design, order, and deploy automated equipment.
- Vention’s platform is likened to an “Apple-like ecosystem,” facilitating the ordering of custom industrial parts integrated into its software system.
- The company enables clients to design robot fleets without any coding, streamlining the ordering process for whole automated setups.
- Physical AI technology empowers companies to manage their robots’ perception and motion planning.
Currently, Vention employs around 330 individuals and has implemented its physical AI platform in over 4,000 factories worldwide. Notable clients include Boeing, L’Oreal, and Lockheed Martin.
Market Landscape and Adoption Challenges
In the North American market, 70 percent of Vention’s customers are in the United States, with 20 percent in Europe and 10 percent in Canada. Despite these advancements, industrial automation adoption remains slow in Canada, particularly among small businesses. Statistics Canada reported that only 8.4 percent of manufacturing companies adopted robotics technology in 2022.
Companies that have integrated robotics typically realize increased productivity, contributing significantly to employment and revenue within the economy.
Emerging Competitors in AI
Several Canadian tech firms are also advancing AI solutions for machine movement. Toronto-based Waabi is developing a physical AI platform for autonomous trucks, while Xaba focuses on software platforms for programming industrial robots. These innovations reflect the growing interest in automation technologies across Canada.
