Kinova raises $48 million in new financing
Kinova, a privately-held Canadian developer of robotic solutions for the medical and industrial markets, has raised investments totaling C$40 million ($32 million), led by Graham Partners with the participation of Export Development Canada.
The robotics company is also pleased to announce the prior closing of an agreement with the Government of Canada under the Strategic Innovation Fund for a total of C$20 million ($16 million).
These investments will accelerate the development and commercialization of Kinova’s solutions. In addition, the Canadian robot maker will use the funds to augment engineering resources to meet the demands of global customers. The new products for the industrial markets will be announced later in 2022.
Charles Deguire, president, and CEO of Kinova, says: “Kinova is expected to benefit from Graham Partners’ deep domain expertise in medical and industrial technology, as well as experience deploying automation solutions across its portfolio of advanced manufacturing and industrial technology businesses.
“Graham Partners will leverage its industry resources, operational expertise, and commercial knowledge to support Kinova’s growth.”
Dennis Dunegan, managing principal of Graham Partners, says: “We believe Kinova’s cobot technology and expertise in both medical and industrial applications is unique in the robotics industry.
πWe are excited to leverage our expertise to help drive value creation and growth at Kinova.”
Marc Belanger, CFO of Kinova, says: “We are excited to have Graham Partners and EDC as shareholders. They will allow Kinova to continue its impressive international growth both organically as well as through acquisitions.”
François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, says: “Canadians are developing innovative solutions to real world problems and our government will always be there to support them.
“Kinova’s robotic products demonstrate this type of innovation and we’re proud to support them as they scale up manufacturing, create high quality jobs, and help grow Canada’s global leadership in the next-generation of robots.”
The company was supported on the transaction by Fasken Martineau DuMoulin as legal counsel. Dechert and Stikeman Elliott acted as legal counsel to the investors.
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