- Honeywell Ventures and NSK and EC Mergers & Acquisitions also invested in the round
- Nanoprecise drives value realization for manufacturers and operators by providing them with meaningful insights through a differentiated approach to machine health monitoring
- Honeywell Ventures has joined as a board observer
Edmonton-based Nanoprecise Sci Corp, a provider of artificial intelligence-enabled condition monitoring and prescriptive maintenance solutions, has raised $10 million in Series B financing.
Export Development Canada led the round with participation from Honeywell Ventures, NSK and EC Mergers & Acquisitions.
Founded in 2017 by CEO Sunil Vedula, Nanoprecise drives value realization for manufacturers and operators in a broad set of industries by providing them with meaningful insights through a differentiated approach to machine health monitoring. The company utilizes ultra-low-power wireless sensors and cloud-based artificial intelligence-enabled 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 of Nanoprecise aim 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.
“Edmonton-based Nanoprecise Sci Corp’s innovative AI-based equipment sensors reduce energy consumption and downtime across many industrial processes,” said Carl Burlock, executive vice president and chief business officer at EDC in a statement. “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.”
Honeywell Ventures has joined as a board observer.
Export Development Canada is a crown corporation focused on helping Canadian businesses make an impact at home and abroad.