Montreal’s Worximity Technology Inc., a specialist in smart factory technology, has secured a $2 million fundraising round, led by W Investments and the Fonds de solidarité FTQ.
“Worximity’s goal is to provide managers with key data so they can take prompt and effective action,” says Worximity founder Yannick Desmarais. “Rather than waiting for Excel or paper reports at week- or month-end, managers can have access to these crucial figures right away. They know what is happening in their facilities at any given time, whether their operations are centralized in Montreal or are spread across separate continents.”
Worximity plans to use the investment to grow its development team and pursue opportunities in the U.S. and South America.
Collecting data from a range of industrial equipment and monitoring productivity through app dashboards is broadly being described as a “fourth industrial revolution”, with the German government pursuing it more aggressively than most through a €500 million fund, followed closely by China, Japan and the United States.
“The digital shift, which a number of industry leaders have already embraced, will undoubtedly become more pronounced with the rise of the Industrial Internet of Things. In the coming years, all manufacturers will be monitoring their operations in real time from anywhere in the world. This investment will allow us to maintain our position as a leader in this field and to better meet the growing demand,” adds Desmarais.
In September, Worximity introduced the Tileboard application, a real-time dashboard that enables factory managers to monitor their production processes, focusing on key performance areas of Productivity, Downtime, Overproduction, Yield and Overall Equipment Effectiveness.
Before the launch of Tileboard, several Quebec agri-food operations had been using Worximity’s technology, including Produits Alimentaires Viau, Voltigeurs Farm, St-Guillaume Cheese Dairy, Baxter, Nature’s Touch and Viandes Lacroix.
“Thanks to its dynamic team, Worximity is a company that knows how to use technology to help manufacturers,” says Fonds de solidarité FTQ Senior Vice-President for Innovation Alain Denis. “This is a great example of how more traditional sectors of the economy can benefit from innovation, and how manufacturing firms can improve their productivity and performance.”
Founded in 2011, Worximity is based in Montreal’s Cité du Multimédia district and employs 15 people. Its technology is used on more than 250 North American production lines.