Infinite Uptime, an Indian industrial IoT firm that provides predictive maintenance solutions for machinery, has raised $18.85 million in an ongoing fundraising round headed by Tiger Global.
Mayfield, GSR Ventures, VenturEast, and THK also invested in Series B3. The business said the funding would boost worldwide market share and value delivery.
Wear and tear, degradation, and vibrations can cause manufacturing equipment breakdowns. Industrial data analytics from Infinite Uptime provides real-time condition monitoring and cloud data backup. In addition, its intuitive dashboard lets firms plan and execute maintenance with live monitoring, RUL, and downtime forecasts.
The Pune-based startup, founded in December 2015, offers custom solutions with remote condition monitoring, data-driven machine diagnostics, and digital reliability services using intelligent data analytics to improve plant reliability and failure predictability for manufacturing facilities.
“This investment is a strong validation of our business strategy and growth potential,” stated Infinite Uptime Founder and CEO Raunak Bhinge. “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 over 300 customers worldwide, including Vedanta, JSW Steel, Hyundai, Borosil, Ceat, and Adani.
Infinite Uptime has helped manufacturing partners enhance plant dependability, production volume, and efficiency. “We are excited to invest behind them and their continued growth,” stated Griffin Schroeder, Partner at Tiger Global.
Advanced analytics, AI, and remote monitoring have saved Infinite Uptime customers over 11,000 hours of unexpected downtime. “Mayfield, as the seed investor in Infinite Uptime, has seen its stellar growth into a market leader and IoT evangelist. “We remain excited and continue to invest alongside other investors in Infinite Uptime’s exciting journey,” stated Mayfield Managing Partner Vikram Godse.
The startup has offices in Berkeley, California, Dubai, and Pune in western India.
“We believe Infinite Uptime will play a key role in increasing factory floor efficiency thus enabling the global south to compete,” said VenturEast Partner Sanjeev Yamsani. “Their ability to scale the product to global south from India is a compelling example of Indian innovation for the world.”
Infinite Uptime’s new investment comes when Indian entrepreneurs struggle to raise financing because global VCs are wary of investing owing to the macro-level funding shortage and financial irregularity issues facing some of the country’s leading startups.
