Infinite Uptime India Pvt. Ltd, an Internet of Things (IoT) start-up, has raised $5.15 million in its Series B funding round led by venture capital firm VenturEast. Along with existing VC investors Mayfield Fund, GSR Ventures, Global IoT Technology Ventures (GiTV), and IL&FS Private Equity, new investor THK, a Japanese company that develops and manufactures mechanical components also joined the round.
Earlier in 2018 July, Infinite Uptime raised $5 million in Series A funding from a set of venture and private equity funds. These are US-based Mayfield ($1.37mn), homegrown PE firm IL&FS ($2mn), China’s GSR Ventures ($1.37 mn), and a strategic investment of $0.26 mn by Tokyo-based GiTV.
Infinite Uptime is a Pune-based IoT startup, which currently caters to all segments of industries such as manufacturing, steel, rubber & textiles, Paper, Pharmaceutical, power generation, petrochemical, food processing, mining, and automotive. Infinite Uptime was founded in 2015 by Dr. Raunak Bhinge, an alumnus of IIT-Madras and the University of California.
Infinite Uptime is a global industrial edge solution provider for mechanical predictive maintenance in the engineering and process industries.
Infinite Uptime’s Industrial Data Enabler (IDE), a patented edge-computing Vibration monitoring system for predictive analytics and maintenance remotely gathers tri-axial vibrations, noise, and temperature of any mechanical rotating equipment in real-time. It empowers the Maintenance team to monitor the machine uptime, reduce unplanned downtime, and combat impending equipment damage in advance. The end-to-end solution with visual indicators ensures maximum machine-availability, decreased inventory of spares, and maintenance costs.
Infinite Uptime will use the fresh funds secured from series B funding to deepen its presence in Asia and scale up its operations in the Middle East, US, and Europe.
Dr. Raunak Bhinge, founder and CEO, Infinite Uptime, said “Infinite Uptime will invest heavily in research and development to boost its diagnostic solution and ensure that even the most remote process plants can have their equipment monitored round the clock.”
Currently, the company has over 200 customers such as Siemens, Daikin, RSB Transmissions, THK, JSW, TVS Motors, and Tata Steel.