Novity, a San Carlos, CA-based provider of predictive maintenance AI for process industry clients, raised $7.8M in funding.
The round was led by WERU Investment in a global consortium of investors including Myriad Venture Partners and METAWATER.
The company intends to use the funds to further enhance its TruPrognostics AI, acquire additional customers, and improve its software product.
A spin-out from Xerox PARC, led by CEO Markus Larsson, Novity provides TruPrognostics™ AI, which gives industrial manufacturers accuracy in predicting the health of their plant assets and equipment, reducing unplanned downtime, maintenance costs, and operational disruptions across various industries, including manufacturing, oil and gas, and chemicals. Novity is now serving a growing number of Fortune 1000 clients.
Commenting on the news, Markus Larsson said: “The results from our commercial installations are extremely encouraging, with prediction accuracy of better than 85%. We are proud of the commercial traction we have already achieved and look forward to using this funding to continue innovating and delivering value to our clients.”
FinSMEs
21/02/2024