Industrial internet of things (IoT) startup Infinite Uptime on Thursday said it has raised $5.15 million in a Series B funding round, led by Bengaluru-based private equity firm VenturEast.
Others participating in the round were mechanical components maker THK, and returning venture capital fund operators Mayfield, GSR Ventures, IL&FS Investment Managers and GiTV, as per a statement.
The Berkeley- and Pune-based IoT startup said it will use the fresh funds to expand its presence in India and target overseas markets such as Japan, the Middle East and the United States.
In 2018, Infinite Uptime raised $5 million in its Series A funding round from Mayfield, IL&FS, GSR Ventures and GiTV.
Infinite Uptime, with subsidiaries in India and the United States, manufactures industrial automation enabling devices. Its products include an ‘industrial data enabler’ to measure tri-axial high-frequency mechanical vibrations, temperature and acoustics.
It also operates an industrial data analytics platform, a full-fledged configurable industrial IoT analytics platform with dashboarding functionality for productivity optimisation and automated predictive maintenance in the industry.
The firm, which currently caters to industries of manufacturing, aerospace, power generation, petrochemical, food processing, mining and automotive, was founded in 2015.
“We lay a heavy emphasis on value delivery at Infinite Uptime… We will also make this technology available at scale, invest heavily in R&D to further enhance our diagnostic solution and ensure that even the most remote process plants can have their equipment monitored and reliability assured 24x7,” Infinite Uptime founder and CEO Raunak Bhinge said.
The company has over 200 customers, including Daikin, Crompton Greaves, Siemens, RSB Transmissions, THK, JSW, Reitz, TVS Motors and Tata Steel.
There are an estimated 100 million high capex equipment -- gearbox, pumps, motors, spindle and blowers -- across industries in India that require continuous monitoring and are critical to the delivery of end product or service, the statement said.
Infinite Uptime claims its platform has monitored over 75 million machine hours and delivered over 10,000 actionable insights.
“Infinite Uptime has developed over 80,000 asset libraries that help in early detection of anomalies on the edge through a unique edge computing technique, which is a significantly differentiated play. Further, it’s advanced AI/ML capabilities on the cloud and configurable edge diagnostics lead to real time actionable insights,” Sanjeev Yamsani, principal at lead investor VenturEast said.
VenturEast, with about $350 million assets under management, is currently investing out of its fifth fund with a focus on enterprise technology and consumer technology.