Infinite Uptime, an Indian industrial IoT startup that offers 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 valuation of $60 million post-money.
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 global market share and expand value delivery, it said.
Mechanical problems, such as wear and tear, deterioration and heightened vibrations, frequently contribute to equipment breakdowns in manufacturing facilities. Infinite Uptime is helping mitigate these by using industrial data analytics that offers a range of indispensable 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 Remaining Useful Life (RUL) and downtime, enabling businesses to strategize and execute timely maintenance actions.
Founded in December 2015, the Pune-based startup offers tailor-made solutions with remote condition monitoring, data-driven machine diagnostics and digital reliability services using intelligent data analytics to help improve plant reliability and offer failure predictability for manufacturing facilities.
“This investment is a strong validation of our business strategy and growth potential,” said Raunak Bhinge, Founder and CEO, Infinite Uptime, in a prepared statement. “This will enable us to invest heavily into fundamental research & product development, expand our capabilities and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market.”
The startup has amassed over 300 customers and counts companies including Vedanta, JSW Steel, Hyundai, Borosil, Ceat and Adani among its clients across different parts of the world.
“Infinite Uptime has helped their manufacturing partners see improved plant reliability, production volume, and overall efficiency. We are excited to be investing behind them and their continued growth,” Griffin Schroeder, Partner at Tiger Global, said in a statement.
Infinite Uptime has helped its customers save over 11,000 hours of unplanned downtime by utilizing advanced analytics, AI and remote monitoring capabilities.
“Mayfield, as the seed investor in Infinite Uptime has witnessed its stellar growth into not just a market leader but an evangelist in the IoT space. We remain excited and continue to invest alongside other investors in Infinite Uptime’s exciting journey,” said Vikram Godse, Managing Partner at Mayfield.
The startup has its offices in Berkeley, California and Dubai — apart from its India office in the western Indian city of Pune.
“We believe Infinite Uptime will play a key role in increasing the efficiency of factory floors thus enabling the global south to compete,” said Sanjeev Yamsani, Partner at VenturEast. “Their ability to scale the product to global south from India is a compelling example of innovation that India can build for the world.”
The fresh investment in Infinite Uptime comes at a time when Indian startups are struggling to raise capital as global VCs are quite conscious in putting their money due to the macro-level funding crunch as well as financial irregularity issues grappling some of the top startups in the country.
Tiger Global backs Indian industrial IoT startup Infinite Uptime in $18.8M funding round by Jagmeet Singh originally published on TechCrunch
https://techcrunch.com/2023/05/22/tiger-global-india-infinite-uptime-funding/
