EDMONTON, AB, Jan. 10, 2023 /PRNewswire/ -- Nanoprecise Sci Corp, an AI-based Condition Monitoring & Prescriptive Maintenance Solution provider raised USD $10 million in series B investment from 4 new investors. The round was led by Export Development Canada (EDC), with participation from Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions.
Founded in 2017 by CEO Sunil Vedula, the core team of Nanoprecise comprises industry specialists such as Graham Kawulka (Chief Commercial Officer), Prashant Verma (Head of India Operations), and Dries Van Loon (VP of Customer Success & Condition Monitoring). Nanoprecise drives value realization for manufacturers & operators in a broad set of industries by providing them with meaningful insights through a differentiated approach to machine health monitoring. 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.
The automated end-to-end solutions from Nanoprecise 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.
The investment from EDC — Canada's export credit agency wholly owned by the Government of Canada, aims to boost the Canadian cleantech company's delivery capabilities and product offerings in the Energy Efficiency & Condition Monitoring Solutions space. The investment is aligned to the institution's strong focus in scaling emerging Canadian cleantech companies that are commercially well-positioned to enhance Canada's international competitiveness in key priority areas.
"Edmonton-based Nanoprecise Sci Corp's innovative AI-based equipment sensors reduce energy consumption and downtime across many industrial processes," says Carl Burlock, Executive Vice President and Chief Business Officer at EDC. "EDC is pleased to have led Nanoprecise's Series-B investment round alongside leading industry participants, a fundraising which will accelerate the international deployment of their unique solutions."
Moreover, Honeywell Ventures has joined as a board observer, with its strategic investment in the AI-based predictive maintenance solutions provider. This investment from one of the leading players in the industrial technology sector is a testament to the premium differentiation that Nanoprecise solution offers as compared to umpteen others existing in the market. With Honeywell's investment, massive growth opportunities lay ahead for Nanoprecise Sci Corp. NSK Ltd. – one of the top 3 bearing manufacturing companies in the world, and EC Mergers & Acquisitions - the leading global investment banking boutique that specializes in the industrial technology sector, have also chosen to back Nanoprecise through this investment round, for Nanoprecise's high growth potential and wide applicability of its solutions.
"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.
About Nanoprecise Sci Corp
Nanoprecise Sci Corp is an automated AI-based predictive maintenance solution provider that specializes in the implementation of Artificial Intelligence and IIoT technology for predictive asset maintenance and reducing the carbon footprint of manufacturing plants. Nanoprecise is defining the industry's service standard for the monitoring & analytics of all types of industrial machines, through their leading energy efficiency & health analytics platform for industrial assets. Nanoprecise is headquartered in Edmonton, Canada, and works with companies across various sectors to help drive their Industry 4.0 journey.
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Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger, and sustainable economy for all Canadians.
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