
Novity offers TruPrognostics™, an AI-powered predictive maintenance solution for industrial manufacturers. Their software leverages a unique combination of machine learning and first-principles physics models to provide highly accurate predictions of equipment failure, estimating the remaining useful life of assets. This enables companies to minimize unplanned downtime, optimize maintenance schedules, and improve operational profitability. Novity's approach focuses on utilizing existing data and recommending additional sensing only when a strong return on investment is identified. Their mission is to eliminate unplanned downtime by providing manufacturers with perfect clarity on the future health of their production assets.

Novity offers TruPrognostics™, an AI-powered predictive maintenance solution for industrial manufacturers. Their software leverages a unique combination of machine learning and first-principles physics models to provide highly accurate predictions of equipment failure, estimating the remaining useful life of assets. This enables companies to minimize unplanned downtime, optimize maintenance schedules, and improve operational profitability. Novity's approach focuses on utilizing existing data and recommending additional sensing only when a strong return on investment is identified. Their mission is to eliminate unplanned downtime by providing manufacturers with perfect clarity on the future health of their production assets.
Product: TruPrognostics™ — AI + physics-based predictive maintenance for remaining useful life
Founded: 2022 (spin-out from Xerox PARC)
Recent funding: $7.8M announced Feb 21, 2024
Headcount (approx.): 7 employees
Predictive maintenance and asset health prognostics for process industries (e.g., chemicals, oil & gas, water).
2022
Industrial / Predictive Maintenance / IIoT
$7,800,000.00
Round included participation from Myriad Venture Partners and METAWATER Co., Ltd.; Xerox/PARC retained a minority stake after spinout.
“Led by WERU Investment with participation from Myriad Venture Partners and METAWATER Co., Ltd.”