Tiger Global Leads $18 Mn Funding Round In Infinite Uptime

Industrial machinery maintenance solutions startup Infinite Uptime has announced the completion of Tiger Global led Series B-3 funding round, raising $18.85 Mn. The round also saw participation from existing investors GSR Ventures, VenturEast, Mayfield, and THK. In addition, the round was also backed by KOIS.

Pune-based Infinite Uptime is going to use the fresh funds to further strengthen its global market share and enhance the service quality across industry segments.

Commenting on the investment, Raunak Bhinge, founder and CEO, Infinite Uptime said, “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.”

Founded in 2015 by Raunak Bhinge and YC Chen, Infinite Uptime claims to serve more than 300 customers worldwide. It counts Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group and Coca Cola among its clientele. 

Infinite Uptime uses analytics, AI and remote monitoring to help companies prevent unplanned downtime for their customers. Further, it helps organisations optimise equipment performance, reduce downtime, and maximise operational efficiency.

Commenting on Infinite Uptime’s portfolio, Griffin Schroeder, partner, Tiger Global Management, said, “Infinite Uptime has helped their manufacturing partners see improved plant reliability, production volume, and overall efficiency. We are excited to be investing behind them and their continued growth.”

Infinite Uptime has raised a total of $11.3 Mn in funding in five rounds. 

In 2020, the startup raised $5.15 Mn in Series B funding round led by Ventureast, along with Japan-based company THK.

According to a research conducted by Statista, the revenue for the IoT market in India is expected to show an annual growth rate of 17.05% between 2023 and 2028, resulting in a market volume of $60.01 Bn by 2028. 

In March this year, IoT platform Probus Smart Things, that develops hardware and software solutions for electricity utility providers, secured $3 Mn funding from Unicorn India Ventures.