#USA #Edmonton #Nanoprecise #AI Diagnostics #Industrial Maintenance

Nanoprecise Secures $38 Million Series C Funding

Nanoprecise Sci Corp, a pioneer in energy-centered predictive maintenance, has recently concluded a Series C funding round, raising an impressive $38 million. The investment is pivotal for the company as it strives to redesign industrial maintenance practices that have long relied on reactive approaches. The funding signifies a substantial leap towards integrating smart, rapid, and predictable maintenance solutions into various industries.

The funding was spearheaded by Yaletown Partners, with the additional support of BDC Capital’s Industrial Innovation Venture Fund and Export Development Canada (EDC). Nanoprecise aims to utilize these funds to accelerate its growth amid a remarkable triple-digit increase in development seen in 2024. The company focuses on expanding its world-renowned Energy-Centered Maintenance (ECM) approach and enhancing its AI-driven diagnostics.

Hans Knapp, a partner and co-founder of Yaletown Partners, highlighted the necessity of predictive maintenance in today’s industrial landscape, stating, “Predictive maintenance is no longer optional; it is a strategic necessity for resilience and operational efficiency.” He emphasized Nanoprecise's unique capability to achieve maximum revenue per dollar raised in its category, demonstrating their financial discipline alongside their mission.

Erin Sheets, a partner at BDC Capital, echoed this sentiment, stating that as industries ramp up their digital transformation efforts, solutions like Nanoprecise’s become crucial for ensuring operational reliability and sustainable outcomes. The diversity of Nanoprecise’s approach, both in its global markets and team composition, contributes significantly to its prowess over larger competitors in delivering precise information and cost-effective solutions.

Revolutionizing Predictive Maintenance

Traditionally, many predictive maintenance programs focus solely on minimizing downtime, which is relevant to only 10-20% of essential production machines. However, in continuous production industries, approximately 80-90% of rotating equipment exhibits some form of redundancy, meaning that simply cutting downtime fails to capture the full spectrum of value.

Nanoprecise’s ECM approach offers insightful maintenance data along with energy consumption models, which, when factored into operations, can yield substantial energy savings. This methodology empowers industries to utilize ECM not just for essential machine downtime reduction but also for auxiliary equipment management.

Breaking the barriers of conventional diagnostics, Nanoprecise presents AI-driven solutions that move beyond mere detection, providing actionable, value-oriented insights. The system boasts an impressive reduction in false alarms, with less than 1% of both false positives and negatives. Furthermore, it supplies prescriptive information focused on value and energy efficiency trends.

The unique design of Nanoprecise’s solution ensures its efficacy in challenging environments, having earned certifications such as Zone 0 and C1D1 alongside built-in cybersecurity measures, certified by SOC II Type II.

Sunil Vedula, CEO of Nanoprecise, commented on the advancement, suggesting that predictive maintenance evolves from a guessing game into a strategic asset. “Machines won't merely alert you to issues; they will provide comprehensive insights into operational status, importance, and subsequent actions,” he stated. The ultimate aspiration is to enable maintenance teams to become the most informed and proactive decision-makers within their organizations.

Strengthening Leadership for Growth

In anticipation of its rapid expansion, Nanoprecise has made significant additions to its leadership team, further solidifying its global vision. Notable new appointments include Param Desai as Chief Product Officer (CPO), where he will lead AI-driven product innovations, and Kevin Clark as Chief Evangelist to facilitate ECM adoption across various sectors.

About Nanoprecise Sci Corp

Nanoprecise Sci Corp specializes in energy-driven predictive maintenance solutions powered by AI. By coupling IoT sensor technology with advanced AI and machine learning, Nanoprecise enhances machine efficiency and promotes sustainability across industries. For further details, visit nanoprecise.io.

About Yaletown Partners

Yaletown Partners is a premier Canadian venture capital manager focusing on the digital transformation of traditional industries, prioritizing resilience to climate change. The firm operates from major cities including Vancouver, Calgary, Edmonton, Toronto, Montréal, and San Francisco. For more information, visit yaletown.com.

About BDC

BDC is a trusted partner for entrepreneurs in Canada, offering vital financing and advisory services to help businesses tackle contemporary challenges. With over 80 years of commitment to fostering innovation, BDC believes in supporting the next generation of global tech leaders. Visit bdc.ca for more resources and information.