#Canada #Edmonton #Nanoprecise Sci #Yaletown Partners #BDC Capital

Nanoprecise Revolutionizes Industrial Maintenance with Major Funding

Nanoprecise Sci Corporation has recently completed a successful Series C financing round, securing a substantial $38 million to transform the landscape of industrial maintenance. This funding marks a significant step in shifting away from the long-standing reactive maintenance cycle that has dominated the industry for too long.

Based in Edmonton, Alberta, Nanoprecise is geared toward enhancing its world-leading ECM (Energy-Centered Maintenance) approach, which aims to make industrial maintenance not only smarter but also faster and more predictable. The growth potential is underscored by their tremendous performance in 2024, where they recorded triple-digit growth.

Funding Backing and Strategic Insights

The financing round was led by Yaletown Partners, alongside the BDC's Industrial Innovation Venture Fund, Export Development Canada (EDC), and BMO Capital Partners, with additional financial aid provided through a credit facility from CIBC Innovation Banking. Investors highlighted the necessity of predictive maintenance as a strategic imperative for resilience and efficiency in industries. Hans Knapp, partner and co-founder at Yaletown Partners, emphasized that predictive maintenance is no longer just a “nice-to-have”; it's a critical component for industrial effectiveness.

BDC Capital's Erin Sheets added that they are enthusiastic about supporting a scalable solution that fosters operational reliability and sustainability. The diverse strategies adopted by Nanoprecise, focusing on international market adaptation and team composition, serve to boost their innovative potential. Utilizing advanced AI-driven diagnostics, the company aims to provide actionable insights that go beyond mere alerts, showcasing energy efficiency trends while reducing false positives to less than 1%.

Enhanced Maintenance Operations

The traditional predictive maintenance programs disproportionately focus on downtime savings, which typically apply to only 10 to 20% of mission-critical machinery. However, Nanoprecise's approach recognizes the redundant nature of approximately 80 to 90% of rotating equipment in process industries. This realization drives their ECM strategy to also include energy consumption insights, thereby enhancing cost savings and making maintenance operations more efficient.

Nanoprecise leverages AI to deliver reliable, actionable insights, effectively turning maintenance into a strategic advantage rather than just a reactive measure. Sunil Vedula, Chief Executive Officer at Nanoprecise, remarked that their advancements enable maintenance teams to operate as informed decision-makers who not only detect issues beforehand but can also foresee the implications and necessary actions.

Leadership Changes to Support Growth

To manage this rapid growth phase, Nanoprecise has recently expanded its leadership team. Param Desai joins as Chief Product Officer (CPO), focusing on AI-driven product innovations, while Kevin Clark assumes the role of Chief Evangelist, advocating for the ECM approach across industries.

Conclusion

Nanoprecise Sci Corp is setting the stage for the future of industrial maintenance with a powerful combination of AI-driven diagnostics and a robust funding structure aimed at promoting sustainability and efficiency. Their focus on overcoming the traditional reactive maintenance approach signifies a new era in the industrial landscape where predictive strategies will play a pivotal role in enhancing operational capabilities. For more information about Nanoprecise, visit nanoprecise.io.