Infinite Uptime, an Indian industrial IoT startup that provides predictive maintenance solutions for machines, has raised an additional $18.85 million as part of an ongoing funding round led by Tiger Global.
Other existing investors also participated in the Series B3 round, including Mayfield, GSR Ventures, VenturEast and THK. The investment will help the startup strengthen global market share and expand its value delivery, the company said.
Mechanical problems, such as wear, deterioration and increased vibration, often contribute to equipment failure in manufacturing facilities. Infinite Uptime helps reduce this by leveraging industry-leading data analytics that provides a range of must-have features, including real-time condition monitoring complemented by support for cloud data backup. It also features a smart dashboard that provides live monitoring capabilities and the ability to predict remaining useful life (RUL) and downtime, helping businesses strategize and implement timely maintenance actions.
Founded in December 2015, the Pune-based startup offers customized solutions with remote condition monitoring, data-driven machine diagnostics and digital reliability services using intelligent data analytics to improve plant reliability and provide failure predictability for manufacturing facilities.
“This investment is a strong confirmation of our business strategy and growth potential,” said Raunak Bhinge, founder and CEO of Infinite Uptime, in a prepared statement. “This enables us to invest heavily in basic research and product development, expanding our capabilities and overall expertise, enabling us to deliver greater value and exceed our customers’ needs in an ever-changing marketplace.”
The startup has amassed more than 300 clients and counts companies like Vedanta, JSW Steel, Hyundai, Borosil, Ceat and Adani among its clients in different parts of the world.
“Infinite Uptime has helped their manufacturing partners improve plant reliability, production volume and overall efficiency. We are excited to invest behind them and their continued growth,” Griffin Schroeder, Partner at Tiger Global, said in a statement.
Infinite Uptime has helped its customers save more than 11,000 hours of unplanned downtime by leveraging advanced analytics, AI, and remote monitoring capabilities.
“Mayfield, as a seed investor in Infinite Uptime, has witnessed his amazing growth to become not only an industry leader, but also an evangelist in the IoT space. We remain excited and continue to invest with other investors in the exciting journey of Infinite Uptime,” said Vikram Godse, Managing Partner at Mayfield.
The startup has offices in Berkeley, California and Dubai, in addition to its Indian office in the western Indian city of Pune.
“We believe Infinite Uptime will play a key role in increasing factory floor efficiency, enabling the Global South to compete,” said Sanjeev Yamsani, Partner at VenturEast. “Their ability to scale the product south from India is a compelling example of innovation that India can build for the world.”
The new investment in Infinite Uptime comes at a time when Indian startups are struggling to raise capital as global VCs are very conscious about putting their money to use due to the funding crunch at the macro level and financial irregularities faced by some of the top startups in the world. struggling country.