Industrial Internet of Things (IoT) company Infinite Uptime on Thursday said it has raised $5.15 million in funding led by VenturEast. The Series B funding round also saw participation from THK and existing investors, Mayfield, GSR Ventures, IIML, and GiTV, a statement said.
The company, which has offices in Berkeley, California and Pune, will use the funds to deepen its presence in Asia, and scale up its operations in the Middle East, US and Europe, it added. "...with this additional capital infusion, we will further strengthen our customer relationships and ensure the availability of the most cost-effective diagnostics service for machines that reduce equipment downtime drastically, reduce bearing consumption and optimising spares inventories," Infinite Uptime Founder and CEO Raunak Bhinge said.
He added that the funding will also be used to make its technology available at scale, and invest heavily in research and development (R&D) to further enhance its diagnostic solution. Infinite Uptime offers predictive maintenance and condition-based monitoring solutions for process and manufacturing companies.
It specialises in high-frequency data analytics to diagnose faults and recommend timely corrections remotely. The company has over 200 customers including Daikin, Crompton Greaves, Siemens, RSB Transmissions, THK, JSW, Reitz, TVS Motors, and Tata Steel.
"Infinite Uptime will strengthen its market leadership in India and target key overseas markets such as Japan, Middle East and USA with this financing round. The non-intrusive integration makes the deployment very simple and adoptable across multiple industries," VenturEast Principal Sanjeev Yamsani said.
Infinite Uptime has developed over 80,000 asset libraries that help in early detection of anomalies on the edge through a unique edge computing technique, which is a significantly differentiated play, he added.
"Further, its advanced AI/ML capabilities on the cloud and configurable edge diagnostics lead to real-time actionable insights," he said. Infinite Uptime said its platform has monitored over 75 million machine hours and has delivered over 10,000 actionable insights.
The company sees a huge value creation opportunity across key equipment such as motors, pumps, gearboxes and blowers across process and manufacturing industries globally.