Nanoprecise Sci Corp has secured a Series C round of financing, the Canadian cleantech revealed this week.
The Edmonton-based cleantech innovator announced a $38 million round. The sizeable Series C was co-led by Yaletown Partners and BDC’s Industrial Innovation Venture Fund, according to a statement from the firm, in addition to participation from Export Development Canada, BMO Capital Partners, and CIBC Innovation Banking.
The Series C round follows up on a US$10M Series B investment from 2023 powered by EDC alongside Honeywell Ventures, NSK Ltd., and EC Mergers & Acquisitions.
Nanoprecise says it intends to use the latest funding to scale its flagship offering, which provides AI-driven diagnostics for critical industrial machinery.
“Predictive maintenance is no longer a ‘nice-to-have,'” argues Yaletown Partners cofounder Hans Knapp. “It’s a strategic necessity for industrial resilience and efficiency.”
Nanoprecise utilizes ultra-low-power wireless sensors and intelligent cloud-based software that detects the smallest of changes in machine performance and predicts the remaining useful life of any industrial asset.
Erin Sheets, Partner at BDC’s Industrial Innovation Venture Fund, describes Nanoprecise’s product as “a scalable, high- impact solution that simultaneously drives operational reliability and sustainability outcomes.”
“Nanoprecise’s strength lies in their diverse approach,” Sheets stated. “This diversity, combined with their innovative use of LLM models to generate synthetic data, positions them to outperform much larger competitors in both accuracy of insights and cost-effectiveness of their solution.”
The Alberta company was founded in 2017 by Sunil Vedula. Seven years later, as technological rapidly evolves, the chief executive officer remains fixed on target.
“Catching failures before they happen is important, but today, that’s just step one,” explains Vedula. “Machines won’t just tell you something’s wrong; they’ll give you the full picture—what’s happening, why it matters, and exactly what to do next.”
To support the company’s rapid growth, Nanoprecise also recently expanded its leadership team. Param Desai has joined the firm as Chief Product Officer, while Kevin Clark has joined as Chief Evangelist.
“Our vision,” says Vedula, is “to make maintenance teams the most informed, proactive decision-makers in the room.”