Industrial IoT Firm Infinite Uptime Raises $18.85 Mn In Funding
Infinite Uptime, an industrial Internet of Things (IoT) firm, has raised $18.85 million in a Series B3 funding round led by Tiger Global. The funding round also saw participation from existing investors GSR Ventures, VenturEast, Mayfield, and THK.
As per the startup, the freshly raised funds will enable it further strengthen its global marketshare and multiply value delivery and service quality across industry segments.
Infinite Uptime | Industrial IoT Firm
Founded by Raunak Bhinge, Infinite Uptime offers predictive maintenance and condition-based monitoring solutions for process and manufacturing companies.
The firm helps maintenance and manufacturing teams to attain the highest level of plant reliability by reducing unplanned downtime, mitigating operational risks, and improving overall efficiency.
Speaking about the development, Raunak Bhinge, Founder and CEO of Infinite Uptime, said,
“This investment is a strong validation of our business strategy and growth potential. 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.”
The industrial IoT firm specialises in high-frequency data analytics to diagnose faults and recommend timely corrections remotely. Infinite Uptime leverages industry 4.0 technologies and a digital-first approach to creating responsive maintenance strategies for diverse global manufacturing industries, including cement, steel, metals & mining, FMCG, chemicals, oil & gas, power, pharma, tire, automotive, construction, pipes, and more.
By leveraging its advanced analytics, AI and remote monitoring capabilities, the firm claims to have enabled savings of over 11,000 hours of unplanned downtime for its customers. It has over 300 customers globally, including Tata Group, Vedanta Group, Aditya Birla Group, JSW Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, and Coca-Cola.
Commenting on the development, 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.”
In December 2020, Infinite Uptime raised $5.15 million (about Rs 38 crore) in its Series B round led by VenturEast.
Recently, Doppelio, an Internet of Things (IoT)-based platform, raised $1.2 million (around Rs 9.8 crore) in a pre-Series A funding round from Axilor Ventures and Mela Ventures.
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