VenturEast leads Series B Round in Infinite Uptime
Infinite Uptime, an Industrial IoT Company, has raised US$5.15 million in Series B funding led by VenturEast, with participation from THK and existing investors Mayfield, GSR Ventures, IIML, and GiTV.
The Berkeley, California and Pune based company will use the funds to deepen its presence in Asia, and scale up its operations in the Middle East, US and Europe.
“We lay a heavy emphasis on value delivery at Infinite Uptime and, 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 optimize spares inventories. We will also make this technology available at scale, invest heavily in R&D to further enhance our diagnostic solution and ensure that even the most remote process plants can have their equipment monitored and reliability assured 24×7” said Raunak Bhinge, Founder and CEO of Infinite Uptime.
Infinite Uptime offers predictive maintenance and condition-based monitoring solutions for process and manufacturing companies. It specializes in High-Frequency Data Analytics, such as Triaxial Vibration, Acoustic analyses, Spectral analyses and configurable Edge diagnostics to diagnose faults and recommend timely corrections remotely. Infinite Uptime provides its proprietary hardware device, an advanced “Industrial Data Enabler” (IDE) and software solutions to process industries to monitor their machines in real time. There are an estimated 100 million high capex equipment (gearbox, pumps, motors, spindle, and blowers) across industries in India that require continuous monitoring and are critical to the delivery of end product/service. None of these are connected in real time. 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. The market has players offering simple cloud based IoT technologies or accelerometers capturing vibration data that renders deciphering signal from noise difficult. 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. Further, it’s advanced AI/ML capabilities on the cloud and configurable edge diagnostics lead to real time actionable insights.” said Sanjeev Yamsani, Principal at VenturEast.
Infinite Uptime said its platform has monitored over 75 million Machine Hours and has delivered over 10000 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.