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).
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, the statement said.
“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.”
“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 Sunil Vedula, Founder & CEO at Nanoprecise Sci Corp.
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