Quebec-based Worximity gets $14 million in funding to accelerate manufacturing productivity
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Worximity's algorithm and other digital technologies are designed to improve manufacturing productivity and profitability.
Worximity Technologies Inc., a Montreal-based digital solutions provider, has received $14 million in financing from agencies Investissement Québec and Fonds de solidarité FTQ, and its strategic investor Marel.
Founded in 2011, Worximity develops algorithm and other digital technologies which measures customers’ manufacturing and production performance in real time to identify, quantify, and prioritize improvement opportunities.
“Manufacturers are currently caught between unprecedented cost increases, staff shortage headaches to support orders and retailers who refuse to accept any price increase,” said Worximity founder and CEO Yannick Desmarais. “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.”
In a May 25 news release, Worximity said the investment is intended to fund research and development for new solutions for its customers, which include “major players” in the manufacturing industry across Canada, the U.S., 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,” said Pierre Fitzgibbon, Minister of Economy and Innovation, in the news release. “With its cutting-edge solutions, Worximity will strengthen our government’s efforts in digital transformation and enable Québec manufacturers to be more efficient.”
Since its founding in 2011, Worximity says it has helped improve the performance of more than 2,500 projects in North America with technologies that enable automatic data collection, real-time operations monitoring, automated analytical reports, preventive and predictive advice using machine learning and artificial intelligence.