VANCOUVER, BC, Sept. 23, 2022 (GLOBE NEWSWIRE) — Novarc Technologies Inc. announced today the company has been named one of Canada’s Top Growing Companies for the third consecutive year as part of the 2022 Globe & Mail’s Report on Business ranking. The ranking is based on the evaluation of three-year verified revenue growth of 430 Canadian companies from 2019 – 2021; Novarc earned its spot of #132 based on the company’s escalating three-year growth of 351 per cent. 

“Novarc’s ranking on the esteemed list of Canada’s Top Growing Companies for the third year in a row is a very exciting accomplishment for our team. We have continued to see increasing global demand for our welding cobot – the Spool Welding Robot  (SWR™) – as industries around the world recognize our invention as a game-changing welding automation technology,” says Soroush Karimzadeh, CEO of Novarc Technologies. 

“Canada’s Top Growing Companies recognizes the tremendous ambition and innovation of entrepreneurs in Canada,” says Dawn Calleja, Editor of Report on Business magazine. “The next generation of Canadian businesses can draw inspiration from this ranking.”

Today, Novarc’s SWR is being used by some of the top companies in industries required to construct the world’s infrastructure. Automation of manufacturing processes within these industries is urgently needed. Novarc’s solution is also helping the welding industry solve an ominous labour problem: the severe global shortage of highly skilled welders in fabrication shops servicing these global industries. According to the American Welding Society, this looming labour crisis will escalate to a shortage of about 314,000  welders by 2024.  

Novarc’s SWR, the world’s first welding cobot, has provided an automation solution to the welding industry. The SWR works alongside a human operator, to increase productivity, weld quality and consistency, with the ability to recover clients’ capital investment within six to 18 months.

Novarc’s cobots are also enhanced by vision and artificial intelligence which provides further ergonomic and safety benefits to human operators, and quality/productivity factors to fabrication facilities. 

“In an uncertain world, the success stories of the companies marked in this year’s Report on Business magazine’s list of Top Growing Companies are a beacon of optimism,” says Phillip Crawley, Publisher and CEO of The Globe and Mail. “The Globe and Mail congratulates them on their achievements.”

Canada’s Top Growing Companies is an editorial ranking that was launched in 2019. It aims to celebrate the boldest entrepreneurial achievement by identifying and bringing the accomplishments of innovative businesses in Canada to the forefront. 

The full list of 2022 winners is published in the October issue of Report on Business magazine.


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