Edmonton-based Nanoprecise Sci Corp has just secured a substantial $36 million USD ($52 million CAD) in equity and debt financing, a move that could significantly reshape the predictive maintenance landscape in heavy industries, including mining. This infusion of capital is set to accelerate Nanoprecise’s geographic expansion and product development, positioning the company at the forefront of AI-driven industrial innovation.
Nanoprecise’s Series C round, which closed earlier this month, was co-led by Vancouver’s Yaletown Partners and BDC Capital’s Industrial Innovation Venture Fund. The round also saw participation from new investor BMO Capital Partners and existing backer Export Development Canada (EDC), with CIBC Innovation Banking providing a credit facility. This funding round brings Nanoprecise’s total funding to an impressive $53 million USD, underscoring the confidence investors have in the company’s vision and technology.
The company’s founder and CEO, Sunil Vedula, is bullish about the future. “With the world moving towards AI and automation, there is no better time to prove that [energy-centred maintenance] is the next big thing in manufacturing,” Vedula stated. This round of funding will enable Nanoprecise to enhance its technology, invest in research and development, and support its expansion into key markets such as Southeast Asia, Latin America, Africa, and Australia. The company plans to add 50 employees to its 127-person team, focusing on critical areas like AI, human resources, customer success, and operations.
Nanoprecise’s AI-powered predictive maintenance and condition monitoring software is already making waves in energy-intensive and asset-heavy industries. By leveraging internet-connected sensors, the technology gauges the health and performance of industrial equipment in real time, helping to predict failures, reduce unplanned downtime, extend equipment life, and ensure energy-efficient maintenance. This is particularly relevant for the mining sector, where equipment reliability and operational efficiency are paramount.
The mining industry, known for its heavy reliance on machinery and remote operations, stands to benefit significantly from Nanoprecise’s offerings. As companies strive to meet net-zero carbon emissions goals and digitize their maintenance practices, solutions like Nanoprecise’s become invaluable. The technology allows for the digitization of maintenance practices without the need for overhauling existing infrastructure, making it an attractive option for both Fortune 1000 enterprises and mid-sized manufacturers.
Nanoprecise’s growth metrics are impressive. The company reported an 114% year-over-year increase in annual recurring revenue (ARR), reaching $10 million in 2024. This growth is attributed to a shift in industry priorities and expanded relationships with existing customers. The company also boasts a churn rate of less than five percent, improved gross profit, reduced customer acquisition costs, and net revenue retention of over 115 percent. These figures suggest a scalable and efficient business model with strong unit economics.
The implications for the mining sector are profound. As Nanoprecise expands its reach, it could drive a wave of innovation in predictive maintenance, leading to more efficient operations, reduced downtime, and lower environmental impact. The company’s focus on energy-centred maintenance aligns with the industry’s push towards sustainability and digital transformation. This could lead to a new standard in maintenance practices, where AI and automation play a central role.
Moreover, Nanoprecise’s success could inspire other startups to explore similar technologies, fostering a competitive landscape that benefits end-users. The mining industry, in particular, could see a surge in AI-driven solutions, leading to more resilient and efficient operations. As Nanoprecise continues to grow, it will be interesting to see how it shapes the future of industrial maintenance and sets new benchmarks for the sector.
