Novity Secures $7.8M to Advance AI-Powered Predictive Maintenance in the Process Industry

Novity aims to revolutionize predictive maintenance with superior accuracy and reliability, thereby enhancing operational efficiency for process industry clients.

Source: Novity

Company Name: Novity
Location: San Carlos, CA
Sector: Predictive Maintenance AI for the Process Industry
Funding Details: Raised $7.8M in a round led by WERU Investment, with participation from Myriad Venture Partners and METAWATER.
Purpose of Investment: To enhance its TruPrognostics AI, acquire additional customers, and improve its software product.

Leadership: Led by CEO Markus Larsson, a spin-out from Xerox PARC.
Product: Novity offers TruPrognostics™ AI, a predictive maintenance solution that provides industrial manufacturers with accurate predictions on the health of plant assets and equipment. This technology aims to reduce unplanned downtime, maintenance costs, and operational disruptions.

About Company: Novity is committed to transforming predictive maintenance in the process industry by leveraging AI to offer precise health predictions for plant assets, thereby ensuring operational efficiency and cost reduction.

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