Pune-based industrial Internet of Things (IoT) startup Infinite Uptime has raised $5.15 Mn (around INR 38 Cr) in Series B funding round led by venture capital firm Ventureast, along with Japan-based company THK that develops and manufactures mechanical components.
Existing investors Mayfield Fund, GSR Ventures, Global IoT Technology Venture (GiTV) and IL&FS Private Equity also participated in this round. These investors had infused about $5 Mn in Infinite Uptime’s Series A funding round back in 2018. While IL&FS invested about $2 Mn, Mayfield and GSR invested $1.37 Mn and GiTV infused $260K in the company’s Series A round.
The fresh funds will help the company deepen its presence in Asia and scale up its operation in the Middle East, US and Europe. Beyond this, the company also said it would invest heavily in research and development to boost its diagnostic solutions and ensure better monitoring solutions.
Infinite Uptime was founded in 2015 by IIT-Madras and the University of California alumnus Raunak Bhinge. The company provides an IoT platform that automates predictive maintenance for industrial machines, with an initial focus on the manufacturing industry. The company claims to have monitored over 75 Mn machine hours and delivered over 10,000 actionable insights.
The company currently focuses on chemical, automotive, glass, rubber and textile, construction, pharma, oil and gas, defence and paper industries, among others. The company has about 200 customers, including Tata, Toyota, Mahindra, ITC Limited, TVS Motors, Siemens and more. The company estimates that there are 100 million high-cost pieces of machinery across India that require continuous monitoring.
The company claims to have four international patents in the field of high-frequency predictive analytics and scalable machine digitisation. Infinite Uptime’s advanced artificial intelligence and machine learning capabilities on the cloud and configurable edge diagnostics lead to real-time actionable insights, said Sanjeev Yamsani, principal at Ventureast.
The announcement comes two day after TVS Motors acquired 100% stakes in IoT solution provider Intellicar Telematics for about INR 15 Cr. The acquisition will allow TVS Motors to accelerate its ongoing digital initiatives and enhance the customer experience.