ETtechIndustrial Internet of things (IoT) company Infinite Uptime has raised $5.15 million in Series B funding led by VenturEast, along with participation from Japan’s THK and existing investors Mayfield, GSR Ventures, IIML, and GiTV.
The California and Pune-based company said it will utilise the capital to further grow its presence in the US, Asia and Europe, offering its predictive maintenance and monitoring solutions to manufacturing companies.
Infinite Uptime analyses data from sensors, monitoring vibrations, sound and electromagnetic interactions to diagnose faults and recommend corrections in large industrial machinery remotely.
The company estimates that there are 100 million high-cost pieces of machinery across India that require continuous monitoring. It has over 200 customers at present, 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,” said Sanjeev Yamsani, Principal at VenturEast.
Infinite Uptime claims that its platform has monitored over 75 million running hours of equipment such as motors, pumps, gearboxes and blowers, delivering over 10,000 actionable insights to its customers. The company uses advanced artificial intelligence and machine learning on the cloud to diagnose and predict problems in machinery.
The California and Pune-based company said it will utilise the capital to further grow its presence in the US, Asia and Europe, offering its predictive maintenance and monitoring solutions to manufacturing companies.
“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 optimise spares inventories,” said Raunak Bhinge, founder and CEO of Infinite Uptime.
Infinite Uptime analyses data from sensors, monitoring vibrations, sound and electromagnetic interactions to diagnose faults and recommend corrections in large industrial machinery remotely.
The company estimates that there are 100 million high-cost pieces of machinery across India that require continuous monitoring. It has over 200 customers at present, 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,” said Sanjeev Yamsani, Principal at VenturEast.
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Infinite Uptime claims that its platform has monitored over 75 million running hours of equipment such as motors, pumps, gearboxes and blowers, delivering over 10,000 actionable insights to its customers. The company uses advanced artificial intelligence and machine learning on the cloud to diagnose and predict problems in machinery.
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