Infinite Uptime, an Indian industrial IoT startup specializing in predictive maintenance solutions for machinery, has successfully secured an additional $18.85 million in funding. This infusion of capital comes as part of an ongoing funding round led by Tiger Global, with participation from other existing investors such as Mayfield, GSR Ventures, VenturEast, and THK. The investment will serve to bolster the startup’s global market position and enhance the delivery of value-added solutions.
Manufacturing facilities often face challenges related to mechanical issues, such as wear and tear, deterioration, and excessive vibrations, which frequently lead to equipment breakdowns. To address these issues, Infinite Uptime employs industrial data analytics, offering a comprehensive suite of essential features. These include real-time condition monitoring complemented by cloud data backup support. Additionally, their platform incorporates a sophisticated dashboard that enables live monitoring and the ability to forecast Remaining Useful Life (RUL) and downtime. Such capabilities empower businesses to strategically plan and execute timely maintenance actions.
Founded in December 2015 and headquartered in Pune, India, this startup provides customized solutions that encompass remote condition monitoring, data-driven machine diagnostics, and digital reliability services. Leveraging intelligent data analytics, Infinite Uptime aims to enhance plant reliability, as well as provide predictive insights to mitigate failures in manufacturing facilities.
Raunak Bhinge, Founder and CEO of Infinite Uptime, expressed his enthusiasm about the recent investment, highlighting its significance as a validation of the company’s business strategy and growth potential. He emphasized that the funding will enable them to heavily invest in fundamental research, product development, and expanding their overall expertise. This commitment to innovation ensures that Infinite Uptime can consistently exceed the evolving needs of its customers in the dynamic market landscape.
With a customer base of over 300, Infinite Uptime boasts an impressive clientele that includes renowned companies like Vedanta, JSW Steel, Hyundai, Borosil, Ceat, and Adani, spanning various regions of the world. The startup’s contributions have been instrumental in enhancing plant reliability, boosting production volume, and improving overall operational efficiency for their manufacturing partners.
Griffin Schroeder, Partner at Tiger Global, expressed excitement about investing in Infinite Uptime, recognizing the startup’s continued growth and its positive impact on the industry. He highlighted the substantial improvements the company has facilitated by leveraging advanced analytics, AI, and remote monitoring capabilities. The significant reduction of unplanned downtime—over 11,000 hours—has undoubtedly delivered immense value to Infinite Uptime’s customers.
Vikram Godse, Managing Partner at Mayfield, emphasized their ongoing support for Infinite Uptime, describing the startup’s remarkable growth as a seed investor. Recognizing Infinite Uptime’s emergence as a leader and advocate in the IoT space, Mayfield remains committed to investing alongside other supporters as the company embarks on an exciting journey of further expansion.
In addition to its India office in Pune, Infinite Uptime has established offices in Berkeley, California, and Dubai, demonstrating its global reach and commitment to serving diverse markets. The company’s ambition is to play a pivotal role in enhancing factory floor efficiency, enabling the global south to compete effectively. Sanjeev Yamsani, Partner at VenturEast, commended the startup’s ability to scale its product globally from India, showcasing a compelling example of innovation that emanates from the country and resonates with the world.
The recent investment in Infinite Uptime arrives at a challenging time for Indian startups, as they grapple with the macro-level funding crunch and financial irregularities faced by some prominent players. Global venture capitalists have become more cautious about allocating their funds. Despite these obstacles, Infinite Uptime’s successful funding round underscores the recognition of its potential and the confidence of investors in its trajectory.
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