Tiger World backs Indian industrial IoT startup Infinite Uptime in $18.8M funding spherical
Infinite Uptime, an Indian industrial IoT startup that provides predictive upkeep options for equipment, has secured a further $18.85 million as a part of an ongoing funding spherical led by Tiger World at a valuation of $60 million post-money.
The Sequence B3 spherical additionally noticed participation from different present buyers together with Mayfield, GSR Ventures, VenturEast and THK. The funding will assist the startup strengthen international market share and broaden worth supply, it stated.
Mechanical issues, comparable to put on and tear, deterioration and heightened vibrations, continuously contribute to tools breakdowns in manufacturing services. Infinite Uptime helps mitigate these by utilizing industrial information analytics that provides a spread of indispensable options, together with real-time situation monitoring complemented by cloud information backup assist. It additionally contains a good dashboard that gives reside monitoring capabilities and the power to forecast Remaining Helpful Life (RUL) and downtime, enabling companies to strategize and execute well timed upkeep actions.
Based in December 2015, the Pune-based startup provides tailored options with distant situation monitoring, data-driven machine diagnostics and digital reliability providers utilizing clever information analytics to assist enhance plant reliability and provide failure predictability for manufacturing services.
“This funding is a powerful validation of our enterprise technique and progress potential,” stated Raunak Bhinge, Founder and CEO, Infinite Uptime, in a ready assertion. “This can allow us to take a position closely into elementary analysis & product improvement, broaden our capabilities and general experience, serving to us ship extra worth and exceed the wants of our clients in an ever-evolving market.”
The startup has amassed over 300 clients and counts corporations together with Vedanta, JSW Metal, Hyundai, Borosil, Ceat and Adani amongst its shoppers throughout totally different components of the world.
“Infinite Uptime has helped their manufacturing companions see improved plant reliability, manufacturing quantity, and general effectivity. We’re excited to be investing behind them and their continued progress,” Griffin Schroeder, Companion at Tiger World, stated in a press release.
Infinite Uptime has helped its clients save over 11,000 hours of unplanned downtime by using superior analytics, AI and distant monitoring capabilities.
“Mayfield, because the seed investor in Infinite Uptime has witnessed its stellar progress into not only a market chief however an evangelist within the IoT house. We stay excited and proceed to take a position alongside different buyers in Infinite Uptime’s thrilling journey,” stated Vikram Godse, Managing Companion at Mayfield.
The startup has its places of work in Berkeley, California and Dubai — aside from its India workplace within the western Indian metropolis of Pune.
“We consider Infinite Uptime will play a key function in rising the effectivity of manufacturing facility flooring thus enabling the worldwide south to compete,” stated Sanjeev Yamsani, Companion at VenturEast. “Their skill to scale the product to international south from India is a compelling instance of innovation that India can construct for the world.”
The contemporary funding in Infinite Uptime comes at a time when Indian startups are struggling to lift capital as international VCs are fairly aware in placing their cash because of the macro-level funding crunch in addition to monetary irregularity points grappling among the prime startups within the nation.