Edmonton’s Nanoprecise Sci Corp has raised a USD $10 million series B financing round led by Export Development Canada (EDC) with participation from Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions.
Nanoprecise 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.
The investment aims to boost the Canadian cleantech company’s delivery capabilities and product offerings in the Energy Efficiency & Condition Monitoring Solutions space.
Founded in 2017 by CEO Sunil Vedula, 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.
“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.