News of 2024
METAWATER Has Made a Minority Investment in Novity, Inc.
METAWATER Co., Ltd. (President: Kenji Yamaguchi; Headquarters: Chiyoda-ku, Tokyo; hereinafter referred to as "METAWATER") hereby announces that it has made a minority investment in Novity®, Inc. (CEO: Markus Larsson; Headquarters: California, USA; hereinafter referred to as "Novity"). Novity is a company involved in the development of TruPrognostics™ AI that provides predictive assessments concerning the health of production machinery and equipment.
Unplanned downtime costs industrial manufacturers more than one trillion dollars per year, and predictive maintenance has long been considered a potential solution to this problem. Developing high-performing predictive AI models requires large amounts of relevant historical data, which is often lacking in industrial environments. Novity's TruPrognostics AI is a breakthrough solution to this problem, implementing a novel combination of machine learning and physics-based models of equipment, enabling failure prediction accuracies of better than 85% in production at customer locations.
Novity was spun out of Xerox's Palo Alto Research Center (PARC)*, a world-leading research and development company based in the US. Novity is a startup engaged in the development and sale of systems providing predictive assessments concerning the soundness of machinery and equipment at plants using the company's own unique technologies, which involve a combination of AI-based machine learning and physical modeling.
METAWATER is engaged in the design, construction, operation, maintenance and management of water purification plants and sewage treatment plants. These efforts are undertaken based on METAWATER's desire to contribute to making a sustainable environment and a sustainable society a reality by tackling the challenges of ensuring safe water quality levels and addressing the areas of recycling and conservation of the water environment.
METAWATER has decided to invest in Novity based on the belief that METAWATER would be able to further contribute to the stable supply of water and to recycling and conservation of the water environment by mitigating the risks of sudden breakdowns of equipment and subsequently implementing efficient inspection and maintenance operations, a process which will be achieved by the potential leveraging of Novity's TruPrognostics AI within the operation, maintenance and management of water purification plants and sewage treatment plants.
This investment into Novity will be part of the Corporate Venture Capital program established by METAWATER in October of 2018.
About Novity
Company | Novity, Inc. |
Representative | Markus Larsson CEO |
Location | 963-I Industrial Road San Carlos, California 94070 |
Founded | June 2022 |
Capital | $3,655,636 (USD) [as of the end of March 2023] |
Business | Development and sale of systems providing predictive assessments concerning the soundness of machinery and equipment in various industries |
Website | https://novity.us/ |