Nanoprecise, an Edmonton, Canada-based company that provides AI-based condition monitoring and prescriptive maintenance solutions, raised $10 million in Series B funding.
The round was led by Export Development Canada (EDC), with participation from Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions.
This funding aims to boost the Canadian cleantech company's delivery capabilities and product offerings in the energy efficiency and condition monitoring solutions space.
"We are excited to have closed our Series B investment round and are thrilled to welcome our new investors, who bring in a deep set of industry expertise and networks to Nanoprecise's board. We believe their enterprise growth guidance will complement the depth of skills and experience represented on our board and leadership team, as we continue to scale and maintain our leadership in remote condition monitoring and energy efficiency monitoring sector," said Mr. Sunil Vedula, Founder & CEO at Nanoprecise Sci Corp.
Nanoprecise utilizes ultra-low-power wireless sensors and cloud-based AI-powered software that detects the smallest of changes in machine performance and predicts the remaining useful life of any industrial asset.
Company: Nanoprecise Sci Corp
Round: Series B
Funding Month: January 2023
Lead Investors: Export Development Canada (EDC)
Additional Investors: Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions
Company Website: https://nanoprecise.io/
Software Category: Predictive Maintenance Solution
About the Company: Founded in 2017 by CEO Sunil Vedula, Nanoprecise Sci Corp is an automated end-to-end predictive maintenance solution provider that offers real-time predictive information about the genuine health and performance of industrial assets. Nanoprecise specializes in the implementation of artificial intelligence and IoT technology for predictive asset maintenance and condition monitoring. Nanoprecise drives value realization for manufacturers and operators in a broad set of industries by providing them with meaningful insights through a differentiated approach to machine health monitoring. The company’s automated end-to-end solutions strive to simplify monitoring industrial assets involved in various complex manufacturing processes with patented signal processing algorithms and state-of-the-art scalable hardware, to help operators maximize their uptime and improve their energy efficiency.