Nanoprecise Sci Corp is an automated AI-based predictive maintenance solution provider that facilitates early detection of even small changes in machine operations well before they impact production or cause downtime. Nanoprecise specializes in the implementation of Artificial Intelligence and IoT technology for predictive asset maintenance and reducing the carbon footprint of manufacturing plants.
Our core values revolve around innovation, integrity, and customer-centricity. We are committed to pushing the boundaries of what’s possible in the realm of predictive maintenance, all while empowering manufacturers and operators to optimize their operational efficiency, reduce downtime, and reduce their carbon footprint. Our mission is to empower industries worldwide to achieve unprecedented levels of productivity and sustainability by providing them with unparalleled insights into the health and performance of their machinery.
Tell us about yourself?
Born into a family of engineers and scientists, I am a first-generation entrepreneur with a strong mechanical engineering background and extensive industry experience. My journey began with a focus on addressing critical issues in the energy sector, particularly the challenges of unplanned downtime and energy efficiency in electric, motor-driven machinery, which accounts for a significant portion of global electricity consumption.
My early career in the oil and gas and mining industries highlighted the urgent need for innovative and accessible solutions to combat material failure issues. Driven by this realization, I founded Nanoprecise Sci Corp in 2017, aiming to revolutionize the industry with cutting-edge condition-monitoring solutions.
Armed with a blend of mechanical engineering and business expertise from the University of Alberta, I founded Nanoprecise in 2017 with limited financial resources. However, my unwavering commitment to predicting failures and prioritizing energy efficiency, coupled with my business acumen, quickly yielded results. Early pilot projects attracted attention from end-users, leading to our first $1 million investment from Canadian serial entrepreneur Brian Craig.
Over the next five years, my dedication to sustainability, effective execution, and fundraising prowess secured significant investments, including $18 million from VCs, $5 million from banks, and $0.8 million from government grants. These achievements stand as a testament to my leadership abilities and business acumen.
I merged my engineering expertise with a keen business sense, fostering a highly successful enterprise. My passion for sustainability and innovation serves as a driving force for my team, empowering us to push the boundaries and create solutions that make a meaningful impact on the world.
If you could go back in time a year or two, what piece of advice would you give yourself?
Looking back, I would advise myself to prioritize rapid product iteration and expedite market penetration, with a keen emphasis on deploying an assertive sales strategy in the US. Despite our roots in Canada, recognizing the prominence of the US as the global market leader would have prompted an early and intensive focus on establishing a strong presence in that market.
What problem does your business solve?
Asset breakdowns happen without warning in the manufacturing plants, and the challenge is to spot the signs early enough to schedule repairs. Traditional maintenance approaches rely on scheduled maintenance and reactive repairs, which can lead to costly downtime and unplanned equipment failures. This can result in production losses, safety hazards, and high maintenance costs.
Nanoprecise specializes in solving the critical issue of unplanned downtime and energy inefficiencies in industrial machinery. Our advanced predictive maintenance solutions provide real-time insights into the health and performance of equipment, allowing businesses to proactively address potential failures before they occur. By minimizing downtime, enhancing asset reliability, and optimizing operational efficiency, we enable our clients to save costs, increase productivity, and achieve sustainable growth in their respective industries.
Our cutting-edge predictive maintenance solutions offer real-time insights into equipment health, proactively mitigating potential failures and optimizing operational efficiency. The potential for Nanoprecise is substantial, as these solutions have the capacity to save industrial companies millions in maintenance costs and production losses. With the global predictive maintenance market projected to grow at a CAGR of 28.4 per cent from 2021 to 2026, the demand for such solutions is notably strong.
Furthermore, our latest offering, NrgMonitor, is specifically engineered to curb industrial carbon dioxide (CO2) emissions by optimizing energy consumption. By providing comprehensive insights into energy usage, NrgMonitor facilitates substantial reductions in both energy consumption and associated CO2 emissions, thereby fostering significant cost savings and substantial environmental benefits for our clients.
What is the inspiration behind your business?
The driving force behind our business stems from recognizing and addressing two fundamental global challenges. Firstly, ensuring the seamless operation of the world’s manufacturing supply chains to maintain a balanced supply and demand equilibrium, thereby contributing to controlling inflation and supporting the global middle class. Secondly, guaranteeing the efficient functioning of these supply chains to maximize productivity per tonne of CO2 generated, thereby promoting environmental sustainability.
The vision of a sustainable world hinges upon achieving these dual objectives. At Nanoprecise, we are steadfast in our commitment to realizing this vision through our dedicated team and advanced technology, which focus on enhancing the reliability and efficiency of machinery within these critical manufacturing supply chains.
Nanoprecise is dedicated to resolving the critical issue of unplanned downtime and inefficiencies in machinery, catering to the needs of a diverse range of industries. Our mission is to empower these businesses to achieve optimal operational efficiency, minimize downtime, and ensure the sustainable utilization of resources, thereby fostering long-term growth and stability for our clients.
Nanoprecise’s commitment to a sustainable future is reflected in the solutions we provide. By effectively minimizing energy waste and preventing unplanned downtime, we contribute to a more sustainable and efficient utilization of resources for manufacturers. This ethos aligns seamlessly with my personal values of sustainability and innovation, and it is deeply ingrained in Nanoprecise’s mission and vision.
I firmly believe in creating and safeguarding long-term value for a wide array of stakeholders. Understanding that the success of a business is not solely tied to shareholders but also to consumers, employees, suppliers, governments, communities, and investors, I prioritize delivering innovative and cost-effective solutions that benefit all these parties. Our business model is built on the premise of creating sustainable value across diverse stakeholders, ensuring that Nanoprecise is positioned for long-term success and sustainability.
What is your magic sauce?
Nanoprecise’s distinctive edge lies in our holistic approach to predictive maintenance, combining state-of-the-art AI and IoT technologies with a profound comprehension of industrial operations. What sets us apart can be attributed to the following key factors:
- Advanced Hardware: Our IoT sensor, MachineDoctor, is a pioneer in condition monitoring, measuring six parameters with a single sensor, and is cellular e-SIM enabled and C1D1 and Zone 0 rated. Its global scalability, connecting to 375 telecom operators in 175 countries across various sectors, has positioned it as the premier choice for condition monitoring.
- Advanced AI Algorithms: By utilizing sophisticated CEEMDAN(Comprehensive Ensemble Empirical Mode Decomposition with Adaptive Noise) algorithms, we analyze equipment data in real time, detecting anomalies, predicting failures, and prescribing maintenance actions. These algorithms have been successfully deployed in diverse fields, ranging from solar flare detection to brain hemorrhage detection, showcasing their exceptional versatility and accuracy.
- Energy Efficiency: Our AI-based Energy Efficiency and Health Analytics Solution aid manufacturers in reducing energy costs and carbon footprints by identifying energy-intensive assets and optimizing their consumption, thus promoting sustainable practices within industrial operations.
- Customization: Nanoprecise understands that every industrial facility is unique, which is why our solutions are highly customizable, seamlessly integrating into existing infrastructure and catering to specific operational requirements.
Our predictive maintenance framework ensures seamless data integration from the site to the corporate network, enabling comprehensive monitoring of manufacturing operations, increased productivity, and reduced emissions. This framework also enhances operational safety by providing real-time insights and preemptively addressing equipment anomalies. Our commitment to delivering tangible value has consistently resulted in substantial cost savings, minimized downtime, and reduced environmental impact for our clients. This distinctive approach, coupled with our demonstrated track record of success, establishes Nanoprecise as a leading force in the predictive maintenance industry.
What is the plan for the next 5 years? What do you want to achieve?
Over the next five years, our primary goal is to solidify our position as a dependable vendor of predictive maintenance solutions, committed to ensuring zero false negatives for the assets we monitor across all industries. Our vision is to establish Nanoprecise as the unparalleled industry standard, renowned for our unwavering accuracy and reliability in predicting equipment failures. We aim to set a new benchmark for excellence in predictive maintenance, fostering unprecedented levels of operational efficiency and asset reliability for our clients worldwide.
What is the biggest challenge you’ve faced so far?
The most significant challenge we’ve encountered thus far revolves around effectively managing a truly global and remote team, ensuring that everyone remains aligned with the same overarching vision. Despite the geographical dispersion, we strive to foster a cohesive and collaborative work environment, emphasizing the importance of shared goals and unified direction. Our commitment to transparent communication and robust organizational strategies has been instrumental in overcoming this challenge, enabling us to harness the collective expertise and diverse perspectives of our global team towards achieving our common objectives.
The need to adapt our course has arisen primarily due to the export challenges we’ve encountered, particularly in areas such as:
- Hazardous Goods Shipping for Lithium Batteries: Navigating the complexities associated with shipping lithium batteries as hazardous goods has required us to implement stringent protocols and compliance measures, ensuring the safe and secure transport of our products across international borders.
- Acquiring Radio Equipment Hardware Certification and Registration: Obtaining the necessary certifications and registrations for our radio equipment hardware in various countries has presented significant hurdles, demanding meticulous attention to local regulations and compliance standards.
- Certifications for Hazardous Areas: The lack of global uniformity in certifications for hazardous areas has posed a considerable obstacle, necessitating substantial investments in meeting diverse regional requirements and undergoing additional local registrations depending on the specific country and region of operation.
Overcoming these challenges has required us to prioritize meticulous planning, robust regulatory adherence, and effective cross-border coordination, ensuring that our operations remain compliant, efficient, and seamless across diverse international landscapes.