Unplanned downtime caused by sudden equipment or process failures costs industrial manufacturers over $1 trillion annually ⸺ a staggering ~16 percent jump from 2019 to 2020. When time is wasted, money is lost. Whether it’s lost revenue from goods that could’ve been produced, or losses associated with emergency repairs, the cost of wasted time accumulates.

Predictive maintenance (PdM) solutions address these issues by delivering clear insights into the health of production assets. With PdM, organizations enhance asset uptime, reduce operational costs, and streamline spare parts inventory for maintenance. Because of this, PdM is gaining traction and becoming one of the fastest-growing digital initiatives across the process industry, manufacturing, building & facility, energy and more.At the forefront of this transformation is predictive maintenance visionary Novity, which helps manufacturing, oil and gas, and chemical plants eliminate unplanned downtime. The company just announced $7.8 million in funding and is on a mission to reimagine how industries manage and optimize maintenance operations.

Novity predicts equipment failures with over 85 percent accuracy through its TruPrognostics AI technology, a novel combination of machine learning and physics-based models. This solution enables customers to achieve zero downtime, maximize productivity, and enhance safety and environmental efficiency.Hailing from Palo Alto and led by Dr. Serdar Uckun and Markus Larsson, Novity is driving meaningful change in the industrial sector. Myriad is thrilled to be an early investor in this industry disruptor.Novity’s TruPrognostics AI Engine Brings Simplicity to the Predictive Maintenance MarketOne of the most critical ways Novity stands out from others is its emphasis on simplicity. Its plug-and-play solution is a notable departure from the crowded landscape of tools requiring extensive training and adjustments. This allows operators to concentrate on production goals rather than managing extensive data sets.

Novity addresses one of the significant challenges its customers face when considering AIpowered solutions. Predictive AI models typically require extensive historical data, which many industrial organizations simply don’t have. Novity’s TruPrognostics engine reduces these data requirements by utilizing a library of pre-built physics-based models. This makes predictive maintenance accessible to customers who don’t have this historical data and accurately predicts machine failures much further in advance. By allowing customers to truly be proactive, not reactive, this first-of-its-kind approach unveils the true promise of PdM. Additionally, Novity excels in fault mode coverage, demonstrating broad applicability and scalability. While other tools may identify specific failure causes on a single dimension, Novity’s TruPrognostics accuracy extends across various fault modes because it utilizes both machine learning and physics-based modeling. This comprehensive strategy positions Novity as a pioneer in delivering accurate, scalable, and proactive predictive maintenance solutions.

With unplanned downtime costing trillions annually, predictive maintenance has become an indispensable tool. The PdM market is rapidly growing and is estimated to grow to $15.9 billion in 2026 thanks to continuous developments in big data, machine-to-machine communication, and cloud technology as well as growing demand for actionable, valuable insights derived from industrial assets. Novity is well-positioned to help fulfill this growing need, and this funding will help the company serve more customers and meet this demand.

At Myriad, we back visionary founders and companies creating the next generation of business solutions. Our network of corporate titans, including Xerox, and top-tier venture capitalists is committed to supporting early-stage startups in AI, B2B software and clean-tech. We are especially proud to have been alongside Novity since the company’s early days and had a lead position in helping to spin it out of Xerox and the Palo Alto Research Center (PARC). Our work together exemplifies our deep commitment to turning innovative concepts into thriving businesses including helping corporations monetize internal R&D and innovation projects.