Edmonton startup combines wireless sensors with AI to detect small changes in machine performance.
Edmonton-based AI startup Nanoprecise Sci Corp has secured $13.4 million CAD ($10 million USD) in Series B funding as it looks to bolster its solutions for manufacturing processes.
Nanoprecise’s round was led by Export Development Canada (EDC), with participation from several players in the manufacturing and industrial technology space, including Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions. Nanoprecise noted all of the organizations that contributed in the funding are new investors.
Nanoprecise is hiring across all of its departments such as its marketing and sales, condition monitoring, and engineering teams.
Founded in 2017 by CEO Sunil Vedula, Nanoprecise provides end-to-end solutions for monitoring industrial equipment used in manufacturing. The startup’s platform uses wireless sensors and AI-powered software to detect “the smallest of changes” in machine performance and is able to predict the remaining useful life of the machine.
Nanoprecise said it offers its solutions to various industries including manufacturing, transportation, oil and gas, mining, and HVAC. Headquartered in Canada, the company also has offices in India, the United States, and the United Kingdom.
In a statement on LinkedIn, Vedula noted that several partners from the firms that invested in this round are joining the company’s board of directors. This includes three people from EDC, which are executive vice president and chief business officer Carl Burlock, managing partner for cleantech and advanced tech Michael Machabee, and investment manager for cleantech and advanced tech Hozefa Abbas.
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Honeywell will be acting as a board observer, with Honeywell’s senior director for mergers and acquisitions, and ventures John Morson also joining Nanoprecise’s board, along with NSK’s Saimon Nogami, and EC Mergers &Acquisitionss Evan Yellin.
Vedula told BetaKit that this capital will be used to “aggressively market” its energy monitoring product, NrgMonitor. He added that the startup is also hiring across all of its departments, such as its marketing and sales, condition monitoring, and engineering teams.
Per Crunchbase data, Nanoprecise has previously secured about $16.4 million in total funding. That includes $1.75 million in seed funding, a $175,000 grant from the Government of Alberta in 2018, and a $750,000 pre-seed round in 2018. In 2021, Nanoprecise announced it secured a round of funding led by Sensata Technologies, which Crunchbase reported the round raised $4 million and was classified as Series A.
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