Novity, an AI-powered predictive maintenance platform, has raised USD 7.8 million in a new funding round led by WERU Investment, with participation from Myriad Venture Partners and Metawater.

The company plans to use the funds to develop its TruPrognostics AI engine, acquire more customers, and improve its software.

Novity offers predictive maintenance and cold-start prognostics solutions for the chemical, oil, and gas industries. The company’s TruPrognostics AI engine integrates machine learning and physics-based models of equipment to enable users to predict the failure of machines and reduce unplanned downtime. Novity claims this engine provides more than 85% prediction accuracies in production in customer locations.

Analyst QuickTake : Novity is the second predictive maintenance company to raise fresh funding this month, alongside Volta Insite, which raised USD 7 million in a seed funding round. The company aims to differentiate itself from its competition by offering a large-scale library of pre-built AI and IoT asset models that are less reliant on historical data.