Indian industrial IoT startup, Infinite Uptime, has secured an additional $18.85m in funding as part of a Series B3 round led by Tiger Global, bringing its valuation to $60m post-money.
The round also included participation from other existing investors such as Mayfield and GSR Ventures. The funds will be used to strengthen the company’s global market share and expand its value delivery. Infinite Uptime offers predictive maintenance solutions for machinery that utilise industrial data analytics, real-time condition monitoring, and cloud data backup support. The startup has over 300 customers, including Vedanta, JSW Steel, Hyundai, Borosil, Ceat and Adani.
Infinite Uptime’s solutions are designed to mitigate mechanical problems such as wear and tear, deterioration, and heightened vibrations that frequently contribute to equipment breakdowns in manufacturing facilities. Its platform provides real-time condition monitoring, a smart dashboard, and the ability to forecast Remaining Useful Life (RUL) and downtime, enabling businesses to execute timely maintenance actions. The startup has helped its customers save over 11,000 hours of unplanned downtime by utilising advanced analytics, AI and remote monitoring capabilities.
Source: TechCrunch