#Canada #Edmonton #Predictive Maintenance #Nanoprecise Sci #Energy-Centered Maintenance

Nanoprecise Secures $38 Million in Series C Funding

Nanoprecise Sci Corp, a trailblazer in the realm of predictive maintenance, has successfully secured $38 million in a Series C round of financing. This funding aims to reshape industrial maintenance practices by incorporating advanced artificial intelligence and machine learning technologies.

Breaking the Reactive Maintenance Cycle

For far too long, industrial maintenance has been reactive, responding to failures and breakdowns rather than preventing them. Nanoprecise is here to change that narrative. Thanks to a significant upsurge in business, witnessing triple-digit growth in 2024, the company is poised to scale its innovative approach dubbed Energy-Centered Maintenance (ECM). This approach is not only focused on downtime but also emphasizes actionable insights that enhance operational efficiency.

The recent financing round was led by Yaletown Partners and supported by BDC's Industrial Innovation Venture Fund. It also saw participation from Export Development Canada (EDC) and BMO Capital Partners. Additionally, a credit facility from CIBC Innovation Banking bolsters Nanoprecise's capacity to expand its market presence and accelerate its strategic initiatives.

A Necessity for Industrial Efficiency

According to Hans Knapp, Partner and Co-founder at Yaletown Partners, predictive maintenance has transformed from a mere luxury to a fundamental requirement for industries seeking resilience and efficiency. This investment reflects a shared commitment to maximizing revenue while minimizing the environmental footprint.

Erin Sheets, a Partner at BDC, echoed these sentiments, highlighting that as digital transformation accelerates within various industries, Nanoprecise stands out as a cornerstone for operational reliability and sustainability. The company also benefits from an innovative team that implements large language models (LLM) to generate synthetic data, enhancing their predictive capabilities and offering a competitive edge in accuracy and cost-effectiveness.

Enhancing Maintenance Productivity

The shortcomings of typical predictive maintenance programs often equate a successful return on investment (ROI) solely with reduced downtime. However, this perspective only pertains to 10-20% of critical machinery. In contrast, Nanoprecise's ECM solution efficiently addresses the remaining 80-90% of plant equipment, providing maintenance insights that correlate with energy usage and suggesting improvements that result in substantial savings.

Nanoprecise's AI-driven diagnostics extend beyond mere identification of faults. They provide clear, actionable recommendations, enabling companies to reap the benefits of their machinery fully. The system boasts fewer false alarms—recording less than 1% for both false positives and negatives—while offering prescriptive insights and identifying energy efficiency trends that are instrumental for operational improvements.

A Vision for the Future

Sunil Vedula, CEO of Nanoprecise, articulated the company’s vision for the future: “Today, catching failures is only the beginning. With this funding, we are shifting maintenance from guesswork to strategic advantage. Our systems will not only indicate faults but will also explain the implications and prescribe solutions.”

The company's recent leadership expansion is strategically designed to scale its global vision. Notable new appointments include Param Desai as Chief Product Officer and Kevin Clark as Chief Evangelist, both of whom will spearhead product innovation and customer engagement in adopting ECM practices.

About Nanoprecise Sci Corp

Founded with the mission of optimizing industrial efficiency through predictive maintenance, Nanoprecise combines IoT sensor technology with AI and machine learning. Their solutions are engineered for tough industrial environments, making them not only efficient but also vital for future sustainability. Learn more about their offerings at nanoprecise.io.

This latest funding round positions Nanoprecise not just as a participant in the industrial transformation narrative but as a leader driving it forward. With a commitment to empowering maintenance teams globally, the company stands ready to redefine what proactive maintenance looks like.