The Financial Times Names Novarc Technologies as one of the America’s Fastest Growing Companies
Novarc’s Spool Welding Robot offers an automated welding solution that brings together robotics, Artificial Intelligence, computer vision and machine learning algorithms.
Posted: May 1, 2024
Novarc Technologies Inc., a Canadian-based robotics company, specializing in the design and manufacturing of cobots and computer vision AI for automated welding applications, today announced the company has been named to The Financial Times’ fifth annual ranking of the fastest-growing companies in the Americas, for the third consecutive year.
Novarc placed #146 out of the 500 companies that made the list, recognizing those companies that grew fastest in The Americas by examining their highest compound annual growth (CAGR) in revenues between 2019 and 2022, a period that has spanned the pandemic and the end of low interest rates.
“We are very pleased to be once again named to this prestigious Financial Times’ list,” said Soroush Karimzadeh, Novarc’s CEO. “Novarc’s pipe welding automation system, the Spool Welding Robot (SWR™), addresses the shortage of skilled welders by working with less experienced operators to significantly improve shop productivity, while still producing high-quality welds. As demand for infrastructure drives up the need for welding services amid an expected shortage of close to 400,000 welders in the US by 2024, there will be an acute demand for our manufacturing automation solution.”
The FT list of The America’s Fastest Growing Companies 2024 is indicative of Novarc’s continued growth trajectory and global impact. The company is expecting more than 50 percent growth again this year. A portion of Novarc’s revenue is being generated from its Analytics cloud dashboard and machine learning AI software, which was released in 2021.
“Novarc is continuing to grow with expansion into international markets such as Australia and Europe,” says Karimzadeh. “Our Spool Welding Robot offers an automated welding solution that brings together Artificial Intelligence, computer vision, machine learning algorithms and robotics.”
Novarc was also recently named one of Canada’s Top Growing Companies on the 2023 Globe & Mail’s Report on Business ranking for the fourth consecutive year.
