Unlimited Uptimean Indian industrial IoT startup offering predictive maintenance solutions for machinery, has secured an additional $18.85 million in funding as part of its continuing funding round led by Tiger Global.
The Series B3 round also saw participation from other existing investors, including Mayfield, GSR Ventures, VentureEast and THK. The investment will help the startup strengthen its global market presence and expand value delivery, it said.
Mechanical issues such as wear, aging, and increased vibration often lead to equipment failure in manufacturing facilities. Infinite Uptime helps alleviate these issues by using industrial data analytics to provide a range of indispensable capabilities, including real-time condition monitoring and cloud data backup support. It also features smart dashboards that provide real-time monitoring capabilities and the ability to predict remaining useful life (RUL) and downtime, allowing businesses to strategize and execute maintenance operations in a timely manner.
Founded in December 2015, the Pune-based startup offers tailor-made solutions including remote condition monitoring, data-driven machine diagnostics and digital reliability services, using smart data analytics to help improve plant reliability and Provide failure predictability for manufacturing facilities.
“This investment is a strong validation of our business strategy and growth potential,” Infinite Uptime founder and CEO Raunak Bhinge said in a prepared statement. “It will allow us to invest heavily in fundamental research and product Develop and expand our capabilities and overall expertise to help us deliver more value and exceed our clients’ needs in an evolving market.”
The startup has amassed more than 300 customers around the world, including companies like Vedanta, JSW Steel, Hyundai, Borosil, Ceat, and Adani.
“Infinite Uptime has helped their manufacturing partners increase plant reliability, output and overall efficiency. We are excited to have the investment behind them and support their continued growth,” Tiger Global Partners Griffin Schroeder said in a statement Indicated.
Infinite Uptime has helped its clients save more than 11,000 hours of unplanned downtime by leveraging advanced analytics, artificial intelligence, and remote monitoring capabilities.
“As a seed investor in Infinite Uptime, Mayfield has seen its phenomenal growth, becoming not only a market leader but also an evangelist in the IoT space. We remain excited and continue to join other investors in the excitement of investing in Infinite Uptime journey,” said Mayfield Managing Partner Vikram Godse.
The startup has offices in Berkeley, California, and Dubai, in addition to its India office in the western Indian city of Pune.
“We believe Infinite Uptime will play a key role in improving efficiency on the factory floor, thereby enabling countries in the Global South to compete,” said Sanjeev Yamsani, Partner at VenturEast. “Their ability to expand their offerings from India to the Global South is something that India can offer the world A compelling example of crafting innovation.”
The new investment in Infinite Uptime comes at a time when Indian startups are struggling to raise capital, as global VCs are putting money very consciously due to the macro-level funding crunch and financial irregularities that are plaguing some of India’s top VCs. Startup Nation.