Novity, a San Carlos, CA-based provider of the TruPrognostics™ AI, a truly predictive maintenance AI for process industry clients, has secured $7.8 million in funding.
SaaS Investors
The round was led by WERU Investment, with participation from other investors including Myriad Venture Partners and Metawater Co. Ltd.
Founded in 1998, WERU Investment is a venture capital firm based in Tokyo, Japan. The firm prefers to invest in early-stage companies, stocks, bonds, and REITs.
Novity Use of Funds
The new funding will be used to enhance its AI technology, expand customer acquisition, and improve its software, furthering Novity's mission to make process industry operations more predictable, efficient, and environmentally friendly.
About Novity
Founded in 2022, and spin-out from the storied Xerox Palo Alto Research Center (Xerox PARC), Novity is a company that offers predictive maintenance, exceptional accuracy, and cold-start prognostics solutions. Novity provides a TruPrognostics AI platform that leverages artificial intelligence and machine learning capabilities to enhance predictive maintenance by accurately forecasting when and where industrial machinery will need preventive maintenance to prevent downtime. Its technology predicts the remaining lifespan of mission-critical assets for process industries such as Chemicals and Oil & Gas.
Funding Details
Company: Novity, Inc.
Raised: $7.8M
Round: Unknown
Funding Month: February 2023
Lead Investors: WERU Investment
Additional Investors: Myriad Venture Partners and Metawater Co. Ltd.
Company Website: https://novity.us/
Software Category: Predictive Maintenance Solution
Source: https://www.prnewswire.com/news-releases/novity-secures-7-8-million-in-new-funding-to-revolutionize-predictive-maintenance-with-its-truprognostics-ai-302067470.html