Infinite Uptime, a Pune, India-based industrial IoT startup that offers predictive maintenance solutions for machinery, secured an additional $18.85 million as part of an ongoing funding round led by Tiger Global.
The Series B3 round also saw participation from other existing investors, including Mayfield, GSR Ventures, VenturEast, and THK. The investment will help the startup strengthen its global market share and expand value delivery.
Infinite Uptime specializes in providing predictive maintenance solutions for machinery in manufacturing facilities.
The startup leverages industrial data analytics to address mechanical problems, such as wear and tear, deterioration, and vibrations, which often lead to equipment breakdowns. By utilizing real-time condition monitoring and cloud data backup support, Infinite Uptime offers a range of features to mitigate these issues and optimize maintenance processes.
“This investment is a strong validation of our business strategy and growth potential,” said Raunak Bhinge, founder and CEO of Infinite Uptime, in a prepared statement. “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.”
Company: Infinite Uptime India Private Limited
Raised: $18.85M
Round: Series B3
Funding Month: May 2023
Lead Investors: Tiger Global
Additional Investors: Mayfield, GSR Ventures, VenturEast, and THK
Company Website: https://www.infinite-uptime.com/
Software Category: Predictive Maintenance Solution
About the Company: Founded in 2015, Infinite Uptime is a SaaS company, working in the space of Industry 4.0. They leverage IOT technology, predictive analytics, and AI/ML and offer the services in a cloud delivery model with clearly defined SLAs. The company offers tailor-made solutions with remote condition monitoring, data-driven machine diagnostics, and digital reliability services using intelligent data analytics to help improve plant reliability and offer failure predictability for manufacturing facilities. Infinite Uptime has amassed over 300 customers and counts companies including Vedanta, JSW Steel, Hyundai, Borosil, Ceat, and Adani among its clients across different parts of the world. In addition to its Pune office in western India, Infinite Uptime has established offices in Berkeley, California, and Dubai.
Source: https://techcrunch.com/2023/05/22/tiger-global-india-infinite-uptime-funding/