Financing Stage - Worximity Obtains $14M to Accelerate Manufacturing Productivity with the Help of Digital Technology
Worximity, a Quebec-based technology company that accelerates manufacturing productivity and profitability, announced today that it has closed a new $14 million dollar financing round. The company obtained the amount from Investissement Québec, who joins Worximitys' investors, the Fonds de solidarité FTQ and its strategic investor Marel have also participated in this financing round, renewing their trust in Worximity.
Manufacturing companies face major challenges, some of these include labor shortages, rapid inflation and rising raw material prices. While the profitability, production capacity and growth prospects of companies are affected by these issues, businesses do not always realize that their production efficiency is only 30 to 50% of their real capacity.
Worximity reduces the impact of these manufacturing challenges with their algorithm and their digital technologies which measures performance in real time to identify, quantify and prioritize improvement opportunities often hidden in production data.
Worximity's solutions are easy to implement and deliver a quick return on investment. Customers' productivity gains see an increase by an average of 20%-30% in just a few months, allowing the manufacturer to do more with the same number of employees, without using additional energy and equipment. It is possible to free up substantial production capacity in a short period of time to better serve customers without the risks and delays associated with expansion projects.
"Manufacturers are currently caught between unprecedented cost increases, staff shortage headaches to support orders and retailers who refuse to accept any price increase. With our technologies, we allow companies to produce more with the same equipment and the same staff. This impacts directly profitability, competitiveness and the ability to deliver orders on time. I am very proud of our teams, who are creating technologies which help the Quebec economy face the major challenges of today and tomorrow," said Yannick Desmarais, founder and CEO, Worximity.
Worximity's innovative technologies are based on automatic data collection, real-time operations monitoring, automated analytical reports, preventive and predictive advice using machine learning and artificial intelligence. These technologies are making factories increasingly intelligent and are part of the Manufacturing 4.0 revolution.
This investment will support Worximity's growth, as well as fund research and development to keep improving the technology and the products for Worximity's customers. Clients already include major players in the manufacturing industry across Canada, the United States, Mexico and Europe.
"In addition to increasing the productivity of our SMEs, digital technologies are an effective response to the challenges created by labour shortages. With its cutting-edge solutions, Worximity will strengthen our government's efforts in digital transformation and enable Québec manufacturers to be more efficient."
Pierre Fitzgibbon, Minister of Economy and Innovation and Minister responsible for Regional
"We are proud to support Worximity in this important round of financing that will allow it to implement its growth strategy. Along with partners in the financial sector, Investissement Québec is pleased to support Québec companies that are working to facilitate technological adoption and the digital shift in our strategic industries, in all regions of Québec."
Guy LeBlanc, President and CEO of Investissement Québec
"Our investment in Worximity is rooted in our determination to help Québec SMEs in their technological transformation. Worximity will allow SMEs to make the necessary shift towards Industry 4.0 concepts, having a direct impact on their day-to-day operations in order to help them face current challenges. The Fonds de solidarité FTQ encourages innovation in its partner companies and Worximity's approach is perfectly aligned with this vision."
Janie C. Béïque, President and Chief Executive Officer of the Fonds de solidarité FTQ.
Since its founding in 2011, Worximity Technologies Inc. has helped improve the performance of more than 2,500 projects in North America thanks to its innovative technologies that enable automatic data collection, real-time operations monitoring, automated analytical reports, preventive and predictive advice using machine learning and artificial intelligence. The company also plays a leading role in promoting the Industrial Internet of Things and Industry 4.0.