Highlights:

  • Novity’s TruPrognostics AI platform circumvents these challenges by employing machine learning, physics-based models of typical machine faults, and IoT sensors.
  • Each investor involved in Novity’s investment round brings a distinct set of expertise to the table, enhancing the startup’s growth trajectory.

Following the closure of a USD 7.8 million Novity investment round, the predictive maintenance technology startup recently stated its aspirations to expand into the chemical, manufacturing, water, and environmental industries.

WERU Investment spearheaded the round involving investors like Myriad Venture Partners and Metawater Co. Ltd.

Novity is the developer of the TruPrognostics AI platform, which harnesses artificial intelligence and machine learning to improve predictive maintenance. Accurately predicting when and where industrial machinery will require preventive maintenance helps prevent downtime.

Amidst the Novity investment round, the organization elucidates that it is addressing a tangible issue within the industrial manufacturing sector, wherein unscheduled outage expenses surpass USD1 trillion annually, as per the most recent True Cost of outage report from Siemens AG.

It has long been recognized that predictive maintenance is the most effective response to such incidents; however, manufacturers face the challenge of determining the precise moment to perform this type of work, as even scheduled idleness can incur financial losses. While the potential of AI models to assist in this regard is evident, developing systems capable of accurately predicting apparatus repair needs is complicated by the requirement for highly pertinent historical data. It is frequently scarce in industrial settings, especially with regard to more recent machinery.

Novity’s TruPrognostics AI platform circumvents these challenges by employing machine learning, physics-based models of typical machine faults, and IoT sensors. According to the startup, this distinctive combination enables it to forecast failures and downtime with an accuracy rate of 85% in production scenarios. The startup asserts that its platform is fully configurable and can adapt to the specific operational nuances of customers’ machinery.

Markus Larsson, Co-founder and CEO of Novity remarked that the funding round represents a significant milestone for the company, reaffirming the value of its distinctive approach. He stated, “The results from our commercial installations are extremely encouraging. We are proud of the commercial traction we have already achieved and look forward to using this funding to continue innovating.”

The startup asserts that it caters to an expanding clientele of Fortune 500 companies in the manufacturing, oil and gas, and chemicals sectors. It states that it has played a pivotal role in assisting those clients in reducing unplanned downtime, mitigating operational disruptions, and lowering maintenance costs.

Each investor involved in Novity’s investment round brings a distinct set of expertise to the table, enhancing the startup’s growth trajectory. WERU boasts a portfolio of investments in industrially critical deep tech. At the same time, Myriad extends support through its extensive network of large industrial firms in the U.S. Additionally, Metawater offers specialized expertise in the water and environmental industries. Novity asserts that its backers will play a pivotal role in facilitating its expansion into these industries, catalyzing its business growth.

Chris Fisher, a Partner at Myriad, emphasized that certain factories incur losses amounting to billions of dollars annually due to unplanned downtime. Consequently, the imperative to reduce costs has become a matter of critical importance. He added, “Myriad seeks out visionary companies strategically positioned to drive meaningful change in critical sectors.”

Novity said the money from today’s round will fund the ongoing development of its TruPrognostics AI platform and acquire new customers.