Nanoprecise Sci Corp raises USD $10 Million in series B investment
by CM staff
Nanoprecise Sci Corp Raises USD $10 Million in Series B Investment
EDMONTON — Nanoprecise Sci Corp, an AI-based condition monitoring and prescriptive maintenance solution provider raised USD $10 million in series B investment from four new investors. The round was led by Export Development Canada (EDC), with participation from Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions.
The automated end-to-end solutions from Nanoprecise simplify monitoring industrial assets involved in various complex manufacturing processes, with patented signal processing algorithms and scalable hardware, to help operators maximize their uptime and improve their energy efficiency.
The investment from EDC — Canada’s export credit agency 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 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,” said Carl Burlock, Executive Vice-President and Chief Business Officer, 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.”
Honeywell Ventures has joined as a board observer, with its investment in the AI-based predictive maintenance solutions provider.
“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,” said Sunil Vedula, Founder and CEO, Nanoprecise Sci Corp. “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.”
