Infinite uptimeAn Indian industrial IoT startup that provides predictive maintenance solutions for machinery, has secured an additional $18.85 million as part of an ongoing funding round led by Tiger Global at a $60 million after-money valuation.
The Series B3 round also saw participation from other existing investors, including Mayfield, GSR Ventures, VenturEast and THK. The investment will help the startup strengthen its global market share and expand value delivery, he said.
Mechanical problems, such as wear, tear, and increased vibration, are frequent contributors to equipment breakdowns in manufacturing facilities. Infinite Uptime is helping to mitigate these through the use of industrial data analytics that offers a variety of must-have features, including real-time condition monitoring complemented by cloud data backup support. It also features a smart dashboard that provides live monitoring capabilities and the ability to forecast RUL and downtime, allowing businesses to strategize and execute 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 that use intelligent data analytics to help improve plant reliability and deliver predictability. of failures for manufacturing facilities.
“This investment is a strong validation of our business strategy and growth potential,” Raunak Bhinge, founder and CEO of Infinite Uptime, said in a prepared statement. “This will allow us to invest heavily in fundamental research and product development, expand our overall capabilities and expertise, helping us deliver more value and exceed our customers’ needs in an ever-evolving 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 its manufacturing partners see improvements in plant reliability, production volume, and overall efficiency. We are excited to invest in them and their continued growth,” Griffin Schroeder, a partner at Tiger Global, said in a statement.
Infinite Uptime has helped its customers save over 11,000 hours of unplanned downtime using advanced analytics, AI, and remote monitoring capabilities.
“Mayfield, as an initial investor in Infinite Uptime, has witnessed its stellar growth as not only a market leader, but an evangelist in the IoT space. We remain excited and continue to invest alongside other investors in the exciting journey of Infinite Uptime,” said Vikram Godse, Managing Partner of Mayfield.
The startup has its offices in Berkeley, California, and Dubai, in addition to its India office in the western Indian city of Pune.
“We believe that Infinite Uptime will play a key role in increasing the efficiency of production plants, allowing the global south to compete,” said Sanjeev Yamsani, partner at VenturEast. “Their ability to scale the product to the global 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 venture capitalists are quite conscious of putting their money up due to the funding crisis at the macro level, as well as issues of financial irregularity faced by some of the main emerging companies in the country.