Novity Secures $7.8 Million to Revolutionize Predictive Maintenance

Novity Secures $7.8 Million to Revolutionize Predictive Maintenance

In a recent announcement, Novity®, headquartered in San Carlos, CA, revealed the closure of a significant $7.8 million funding round. The investment, led by WERU Investment and joined by a consortium including Myriad Venture Partners and METAWATER, marks a pivotal moment for Novity’s mission to redefine predictive maintenance in the process industry sector.

The funds will serve to propel Novity’s flagship product, the TruPrognostic AI, which offers unparalleled accuracy in predicting equipment health for industrial manufacturers. With unplanned downtime costing the industry over a trillion dollars annually, Novity’s innovative solution aims to tackle this pervasive issue head-on.

Markus Larsson, CEO of Novity, expressed enthusiasm about the investment, stating, “This marks a significant milestone for Novity and reaffirms the value of our unique approach to truly predictive maintenance. We are proud of the commercial traction we have achieved, with prediction accuracy exceeding 85%, and are excited to continue innovating to deliver value to our clients.”

Novity, born as a spin-out from Xerox PARC in 2022, has swiftly garnered attention, serving a growing clientele of Fortune 1000 companies. Its TruPrognostics AI has demonstrated remarkable efficacy in diverse industries, including manufacturing, oil and gas, and chemicals, by reducing unplanned downtime, maintenance costs, and operational disruptions.

Tadashi Takiguchi of WERU Investment, Chris Fisher of Myriad Venture Partners, and Shigematsu Nobuyuki of METAWATER expressed their confidence in Novity’s future. Takiguchi highlighted the strategic value of Novity’s technology, while Fisher emphasized the company’s vision in driving meaningful change. Shigematsu underscored the importance of Novity’s predictive maintenance capabilities in industrial verticals.

With a focus on expansion, Novity plans to leverage its recent funding to enhance its TruPrognostics AI, acquire new customers, and refine its software product. The company remains steadfast in its commitment to empowering process industry clients to operate more predictably, efficiently, and sustainably.

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