Infinite Uptime, an Indian industrial IoT startup specializing in predictive maintenance solutions for vehicles, has successfully secured an additional $18.85 million in funding. This injection 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, VentureEast and THK. The investment will serve to strengthen the startup’s position in the global market and provide value-added solutions.
Manufacturing facilities often face challenges related to mechanical issues such as wear, tear, and excessive vibration that often lead to equipment failures. To solve these problems, Infinite Uptime uses industry data analytics, offering a comprehensive set of essential features. These include real-time condition monitoring, complemented by cloud data backup support. Additionally, their platform includes a sophisticated dashboard that enables live monitoring and forecasting of remaining useful life (RUL) and downtime. Such capabilities enable enterprises to strategically plan and execute maintenance activities in a timely manner.
Founded in December 2015 and headquartered in Pune, India, this startup provides customized solutions that include remote condition monitoring, data-driven vehicle diagnostics and digital reliability services. Using intelligent data analytics, Infinite Uptime aims to increase plant reliability as well as provide predictive insights to mitigate failures in manufacturing facilities.
Raunak Bhinge, founder and CEO of Infinite Uptime, expressed his excitement about the latest investment, emphasizing its significance as a validation of the company’s business strategy and growth potential. He emphasized that the funding will enable them to invest heavily in basic research, product development and expanding the overall experience. This commitment to innovation ensures that Infinite Uptime can consistently exceed the evolving needs of its customers in a dynamic market landscape.
With a customer base of over 300, Infinite Uptime boasts an impressive clientele that includes renowned companies such as Vedanta, JSW Steel, Hyundai, Borosil, Ceat and Adani, which covering different regions of the world. The startup’s contribution has been instrumental in increasing plant reliability, increasing production volumes and improving the overall operational efficiency of their manufacturing partners.
Tiger Global Partner Griffin Schroeder is excited to invest in Infinite Uptime, recognizing the startup’s continued growth and its positive impact on the industry. He highlighted the significant improvements the company has facilitated through the use of advanced analytics, artificial intelligence and remote monitoring capabilities. The significant reduction in unplanned downtime of over 11,000 hours has undoubtedly brought immense value to Infinite Uptime’s customers.
Mayfield Managing Partner Vikram Godse emphasized their continued support for Infinite Uptime, describing the startup’s remarkable growth as a major investor. Recognizing Infinite Uptime’s emergence as a leader and advocate in the IoT space, Mayfield remains committed to investing alongside other backers 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 aspiration is to play a key role in increasing the efficiency of the factory floor, enabling the Global South to compete effectively. Sanjeev Yamsani, partner at VentureEast, praised the startup’s ability to take its product globally from India, showing a compelling example of innovation emanating from the country and resonating with the world.
The latest investment in Infinite Uptime comes at a challenging time for Indian startups as they grapple with the macro-level funding crunch and financial irregularities faced by some established players. Global venture capitalists have become more cautious in allocating their funds. Despite these obstacles, Infinite Uptime’s successful funding round underscores the recognition of its potential and investor confidence in its trajectory.
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