UptimeAI, a San Francisco, CA-based AI-based digital transformation solution provider for the energy, chemical, and heavy industries, raised a total of $3.5 million in funding.
The round was led by Emergent Ventures, with participation from existing investors YourNest Venture Capital and new investors Sharad Sanghi, AI Sprouts, and Venture Catalysts.
With the funding, UptimeAI plans to expand in the US to cater to its growing customer base.
"Traditional digital tools provide KPIs, dashboards, and data analysis tools, which require weeks of manual effort to troubleshoot, build and maintain data science models. Instead of endless pilots, operations and remote monitoring teams are looking for automated intelligence that detects the reason for losses, suggests mitigation, and gets smarter like an expert," said Jagadish Gattu, CEO of UptimeAI. "UptimeAI delivers exactly that by consolidating point solutions and combining cutting-edge AI innovation with 200 years of SME (Subject Matter Expert) knowledge."
Over the past 1.5 years, UptimeAI has deployed its solution for Fortune 500 companies across Asia, ME, and North America in Power Generation, Renewables, Oil & Gas, Chemicals, LNG, and Cement.
Company: UptimeAI Inc.
Raised: $3.5M
Round: Unknown
Funding Month: December 2022
Lead Investors: Emergent Ventures
Additional Investors: YourNest Venture Capital, Sharad Sanghi, AI Sprouts, and Venture Catalysts
Company Website: https://www.uptimeai.com/
Software Category: Plant Monitoring Software
About the Company: Founded by Jagadish Gattu and Vamsi Yalamanchili, UptimeAI is an artificial intelligence company that offers AI-based virtual assistant software for improving plant and asset performance. It uses patented self-learning workflows and system models to deliver human-like learning and diagnosis. The software empowers operators to improve reliability, performance, and energy efficiency with less effort. The result is 10X improvements in ROI over traditional predictive analytics and asset performance management solutions. UptimeAI's 'AI Expert' uniquely combines artificial intelligence with subject matter knowledge from 200+ years of cumulative experience to explain interrelations across upstream/downstream equipment, identify problems, and give prescriptive diagnoses at scale.
Source: https://www.prnewswire.com/news-releases/ai-based-asset--plant-performance-company-uptimeai-raises-3-5-million-301704347.html