Kinova steps up to ‘Factory 4.0’ with $25M investment

Quebec’s Kinova, a robotics designer and manufacturer, has raised $25 million in new investments to expand its R&D, sales and marketing, and manufacturing operations. The funds were pooled from four major investors led by Fonds Manufacturier Québecois S.E.C. II. The co-investors include KTB Network Co of South Korea, Foxconn of Taiwan, and BDC Capital. The new investments will bring the company to its next stage of advanced manufacturing, which it calls Factor 4.0, characterized by more digitization and robotization for better efficiency in production and improvement in quality of output. Kinova says it wants to assume a leading role in medical robotics and build partnerships with hospitals, governments and other players in the industry to improve on their products. The new investments will also go to expand exports, which make up more than 90% of the business. The company says it is looking to open offices in Asia and the US. Earlier in 2017, Kinova set up an office in Germany. Investment advisory firm Keira Capital Partners helped Kinova clinch the deal.