Novity – the provider of the TruPrognostics AI, a truly predictive maintenance AI for process industry clients – announced the successful closure of $7.8 million in financing. WERU Investment led the investment in a global consortium of investors including Myriad Venture Partners and METAWATER, Co., Ltd. And the funding will accelerate Novity’s goal to transform how industries manage and optimize their maintenance operations.
Unplanned downtime costs industrial manufacturers a lot of money and predictive maintenance has long been considered a potential solution to this problem. And developing high-performing predictive AI models requires large amounts of relevant historical data, which is often lacking in industrial environments.
Novity’s TruPrognostics AI is a sophisticated solution to this problem, implementing a novel combination of machine learning and physics-based models of equipment – enabling failure prediction accuracies of better than 85% in production at customer locations.
After spinning its team and technology out of Xerox PARC in 2022, Novity now serves a growing number of Fortune 1000 clients who recognize the transformative potential of truly predictive maintenance. And the TruPrognostics AI has been instrumental in reducing unplanned downtime, maintenance costs, and operational disruptions across various industries, including manufacturing, oil and gas, and chemicals.
Following the early success with commercial installations in the energy sector, Novity will leverage WERU’s expertise in industrially critical deep tech ventures, Myriad’s extensive network of large US industrial companies, and Metawater’s expertise in water and environmental businesses to rapidly replicate that success in the wider chemicals, manufacturing, and water/environmental sectors.
The funding will be used to enhance Novity’s TruPrognostics AI further, acquire additional customers, and improve its software product. And the company is fully dedicated to its mission of enabling process industry clients to operate more predictably, more efficiently, and more cleanly.
KEY QUOTES:
“This investment marks a significant milestone for Novity and reaffirms the value of our unique approach to truly predictive maintenance. 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.”
– Markus Larsson, co-founder and CEO of Novity
“Based on our extensive research of this domain and the broad industrial needs that drive it, we see tremendous value in the combination of Novity’s technological DNA and the deep industrial foundation of its origin. We are proud to support Novity following their spinout and look forward to continuing to work closely together with them and the other investors to bring a fundamentally new era in operational technology to the broader industry.”
– Tadashi Takiguchi of WERU Investment
“With factories losing billions of dollars annually due to unplanned downtime, cost reduction is crucial. Myriad seeks out visionary companies strategically positioned to drive meaningful change in critical sectors. We eagerly support Novity’s journey in democratizing predictive maintenance for process industry operators, enabling them to avert unplanned downtime, enhance productivity and elevate safety and environmental performance.”
– Chris Fisher of Myriad
“Novity’s TruPrognostics enabling truly predictive maintenance is of key strategic value for any industrial vertical. As Japan’s leading water treatment company, we are excited to participate in this investment.”
– Shigematsu Nobuyuki of Metawater
