Novity provides predictive maintenance solutions by calculating the Remaining Useful Life (RUL) for industrial equipment like compressors, pumps, and motors. Their TruPrognostics AI platform combines machine learning with physics models to deliver accurate failure timeline predictions using existing operational data. This enables organizations to minimize unplanned downtime and optimize maintenance scheduling for critical assets.
Funding
$8.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
WIFounders
Product
Problem
Process industries face significant challenges in predicting equipment failures, leading to unplanned downtime, reduced productivity, and increased maintenance costs. Traditional predictive maintenance approaches often require extensive historical data and may not accurately account for the non-linear degradation of machinery.
Solution
Novity provides a predictive maintenance platform, TruPrognostics™, that delivers real-time health assessments and accurate Remaining Useful Life (RUL) predictions for critical production assets. The platform uses a hybrid model approach, combining machine learning with first-principles physics models, to overcome the limitations of traditional data-driven methods. This approach enables accurate fault prognostics even with limited historical data, allowing manufacturers to anticipate equipment failures and minimize unplanned downtime. The software integrates with existing SCADA, DCS, and IoT sensor data, maximizing ROI without requiring new hardware investments.
Target Audience
The primary target audience includes operators in the oil and gas, chemicals, and other process industries who seek to improve asset reliability, reduce unplanned downtime, and optimize maintenance strategies.
Features
- Hybrid AI engine combining machine learning and physics-based models for accurate RUL predictions
- Real-time health assessments of assets like reciprocating compressors, centrifugal pumps, electric motors, and heat exchangers
- Integration with existing SCADA, DCS, and IoT sensor data for seamless data acquisition
- Intuitive visualizations displaying asset health status, RUL estimates, and event history
- Customizable reporting dashboard for generating summary and detailed reports
- Automated alerts via text and email when anomalies are detected or RUL changes
- Virtual sensors for easy installation and monitoring while machines are running
- Configurable solution tailored to specific operational requirements and equipment types