The Venture Codex

Participated · Series B · Jan 2023

Nanoprecise Sci Corp provides an AI-powered, energy-centered predictive maintenance solution that combines IoT sensor technology with artificial intelligence and machine learning to improve machine efficiency and sustainability. Its hardware and software are designed for harsh industrial environments and meet certifications such as Zone 0 and C1D1. The company is SOC II Type II certified and emphasizes cybersecurity by design. Led by CEO Sunil Vedula, the team recently added Param Desai as Chief Product Officer and Kevin Clark as Chief Evangelist. Nanoprecise intends to use the new funding to expand operations and accelerate product development. The company is based in Edmonton, Alberta, Canada. Nanoprecise provides an automated AI- and IoT-based maintenance solution that reads and interprets machine data to predict remaining useful life and detect early changes in operations. Its diagnostics are designed to reduce unplanned outages, increase safety, and lower maintenance costs. The company employs approximately 100 people and maintains offices in Canada, the U.S., India, and Europe. Nanoprecise plans to use new funding for working capital as it expands across Canada and internationally. Financially, it has secured a $3.5 million debt facility to support its accelerated growth. Management emphasized the importance of partnering with a financial institution that understands its vision for the asset-prediction space. Nanoprecise Sci is an Edmonton, Canada-based provider of AI-based condition monitoring and prescriptive maintenance solutions that leverage AI and IIoT for predictive asset maintenance. Its platform delivers energy efficiency and health analytics for industrial machines and aims to reduce manufacturing plants' carbon footprints. The company implements AI and IIoT technology across sectors to support customers' Industry 4.0 initiatives. Led by CEO Sunil Vedula, Nanoprecise positions itself as defining the industry's service standard for monitoring and analytics of industrial assets. The company raised $10M in a Series B to accelerate international deployment of its solutions. The round was led by Export Development Canada, with participation from Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions. Nanoprecise combines a 6in1 MachineDoctor™ IoT sensor with its RotationLF™ analytics software to deliver automated predictive and prescriptive maintenance. The MachineDoctor records RPM, sound, vibration, temperature, humidity and other parameters to detect anomalies and predict remaining useful life (RUL) of assets such as motors, gearboxes, turbines and compressors. Its analytics are driven by ML/AI algorithms and the company offers multiple commercial models to help organizations maximize ROI. Nanoprecise says its systems can predict RUL with up to 99% accuracy. The company was founded in 2015 in Edmonton, Alberta and was founded by Sunil Vedula; it has offices in Canada, the USA, the UK and India. It announced an investment led by Sensata Technologies to continue strengthening its solutions and expand its global customer base.