April 27, 2018
PRESS RELEASE – EDMONTON, ALBERTA April 27, 2018 - Nanoprecise Sci Corp has been awarded a grant from Alberta Innovates under the Industry Commercialization Associates Program.
The Alberta Innovates Industry Commercialization Program is designed to stimulate the development and commercialization of novel technological and/or business solutions, while generating material risk-weighted returns on investment to the Province of Alberta based on economic, social and/or environmental metrics. The programs are funded by the Government of Alberta, Ministry of Economic Trade, and is administered by Alberta Innovates.
Alberta Innovates manages a number of high-demand technology commercialization programs for the Province of Alberta. These programs are competitive and Alberta Innovates searches for high-value investments with a strong focus on commercialization that will provide economic and social benefits for Alberta.
Alberta Innovates’ Investment in a successful Applicant is in the form of an annual stipend (paid in monthly installments) of up to $105,000, with the Applicant providing a top-up on the stipend paid by Alberta Innovates, of a minimum of 25%.
The funds are provided to cover eligible expenses incurred by the Applicant during the course of any one or more of the following types of activities:
• Manufacturing analysis and planning;
• Product validation;
• Exploring new product market opportunities;
• Marketing and sales strategies;
• Partnership activities including engaging clients, licensees, distributors etc.;
• Financial strategy; and/or
• Other business development activities.
The funding awarded to Nanoprecise is roughly $175,000. The funding will be used to help Nanoprecise commercialize their VibrationLF solution. VibrationLF is an artificial intelligence based predictive maintenance tool for any type of rotating equipment or for rotating components of static equipment. It uses advanced signal processing & noise cancellation techniques and self learning algorithms, low-cost but highly accurate nanotechnology-enabled sensors, and a serverless cloud computing environment to achieve this in a cost-effective & highly-reliable manner. VibrationLF accurately predicts remaining time-to-failure and identifies the probable fault mode allowing customers to eliminate unplanned downtime due to rotating equipment failures to optimize their maintenance programs and eliminate unnecessary maintenance.
Nanoprecise Sci Corp is an Engineering Analytics Company that remotely monitors the health of critical machines using the Industrial Internet of Things (IIoT) technology, artificial intelligence, machine learning, advanced signal processing & physics-based models to predict the remaining useful life of “Anything”
Source : Nanoprecise Sci Corp.
VP Business Development
Nanoprecise Sci Corp.