Tiger Global backs Indian industrial IoT startup Infinite Uptime in $18.8M funding round

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Infinite uptimean Indian industrial IoT startup providing predictive maintenance solutions for machines has raised an additional $18.85 million with a post-money valuation of $60 million in an ongoing funding round led by Tiger Global.

Other existing investors also participated in the Series B3 round, including Mayfield, GSR Ventures, VenturEast and THK. The investment will help the startup strengthen its global market share and increase value creation, it said.

Mechanical problems such as wear, tear and increased vibration often contribute to equipment failures in production plants. Infinite Uptime helps mitigate these issues by using industrial data analytics that provide a number of must-have features including real-time condition monitoring, complemented by support for cloud data backup. It also has an intelligent dashboard that offers live monitoring capabilities and the ability to predict remaining useful life (RUL) and downtime, allowing organizations to strategize and implement timely maintenance actions.

Founded in December 2015, the Pune-based startup offers customized solutions with remote condition monitoring, data-driven machine diagnostics and digital reliability services using intelligent data analysis to improve plant reliability and provide failure predictability for production plants.

“This investment is a strong endorsement of our business strategy and growth potential,” said Raunak Bhinge, founder and CEO of Infinite Uptime, in a prepared statement. “This will allow us to invest heavily in fundamental research and product development, expanding our capabilities and overall expertise, and helping us deliver more value and exceed the needs of our customers in an ever-evolving market.”

The startup has over 300 customers and counts companies such as Vedanta, JSW Steel, Hyundai, Borosil, Ceat and Adani among its customers in different parts of the world.

“Infinite Uptime has helped their manufacturing partners improve asset reliability, production volume and overall efficiency. We look forward to investing in them and their continued growth,” Griffin Schroeder, Partner at Tiger Global, said in a statement.

Infinite Uptime has helped its customers save over 11,000 hours of unplanned downtime by using advanced analytics, AI and remote monitoring capabilities.

“As a seed investor in Infinite Uptime, Mayfield has witnessed its tremendous growth into not only a leader but also an evangelist in the IoT space. We remain excited and continue to invest in the exciting journey of Infinite Uptime alongside other investors,” said Vikram Godse, Managing Partner at Mayfield.

The startup has its offices in Berkeley, California and Dubai – apart from its Indian office in the western Indian city of Pune.

“We believe that Infinite Uptime will play a key role in increasing factory floor efficiencies, thereby making the Global South competitive,” said Sanjeev Yamsani, Partner at VenturEast. “Her ability to expand the product from India to the Global South is a compelling example of innovation that India can develop for the world.”

The new investment in Infinite Uptime comes at a time when Indian startups are struggling to raise capital as global VCs dwindle their money due to the macro funding crisis as well as financial irregularities some of the top startups in the region are struggling with. very consciously use land.



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