your password has been reset successfully, Please login again.

Industrial IoT startup Infinite Uptime secures funding from Mayfield, others

The startup was founded in 2015 by Bhinge, an alumnus of IIT-Madras and University of California.
BY BEx Bureau
BusinessEx
Jul 24, 2018

Pune-based industrial Internet of Things (IoT) startup Infinite Uptime has raised $5 million (Rs 34.5 crore) in a Series A funding round from a clutch of venture capital and private equity firms, a company statement said.

VC firm Mayfield Fund invested $1.37 million; ILFS, the PE arm of Infrastructure Leasing and Financial Services Group put in $2 million; early-stage VC firm GSR Ventures invested $1.37 million; and GiTV put in $260,000 as a strategic investment, the statement added.

Lack of a scalable way to connect and analyse data coming from mechanical machinery and connecting it to the industrial ecosystem has been a common problem across the industry. This has resulted in unanticipated breakdowns in spite of a large number of initiatives in machine digitization. According to an estimate, a lack of scalable predictive analytics for mechanical systems results in 70% of breakdown as compared to other causes such as thermal, hydraulic or electrical, Raunak Bhinge, founder and managing director of Infinite Uptime, said in the statement.

The startup was founded in 2015 by Bhinge, an alumnus of IIT-Madras and University of California.

Infinite Uptime provides its solutions to the engineering and process industry, where it primarily focusses on preventing production losses incurred due to machine breakdown. The company develops its own smart sensors, which through a dashboard allows customers to run high-frequency data analytics, which prevents failures in machinery.

Our solution is a combination of a unique smart sensor system and edge computing that gathers all the required mechanical data from the machine where it is installed, analyses it from various aspects at the edge and provides information critical to predictive maintenance of the machine helping save a good amount of downtime, thereby improving productivity, Bhinge explained.

The company offers its solutions in the automotive, textile, processing, power, steel, defence, cement and many other industrial segments. Godrej, Siemens, Asahi in Japan, the Tata Group, Kalyani Group, the TVS group, and Vitro in Mexico are some of its clients.

Headquartered in Pune, Infinite Uptime has support teams in Chennai, Bengaluru, Ahmedabad and Delhi NCR.

Please add your Comment
SIMILAR News
May 22, 2019
Spinny will be deploying the fresh capital to widen its footprint in Bengaluru. ...More
By Jaspreet Kaur
May 22, 2019
Edelweiss Insurance Brokers, a subsidiary of Edelweiss Financial Services, will sell a small portion ...More
By Jaspreet Kaur
May 21, 2019
According to the strategic partnership, Padukone will possess equity in the company ...More
By Jaspreet Kaur
May 21, 2019
Livspace will be utilizing funds in various domains such as in creating novel home interior solution ...More
By Jaspreet Kaur
May 20, 2019
Coatue Management, the American-based hedge fund, is planning to lead $120 million funding round in ...More
By Jaspreet Kaur
May 20, 2019
The Indian infra firm, IL&FS (Infrastructure Leasing and Financial Services) proclaimed that Japanes ...More
By Jaspreet Kaur
May 18, 2019
 Nippon Life will disburse nearly INR 4,484 crore to obtain a major stake of Reliance Capital in the ...More
By Jaspreet Kaur
May 18, 2019
Brookfield Asset Management’s CEO wishes Howard Marks, Co-founder of Oaktree Capital, to continue do ...More
By Jaspreet Kaur
May 15, 2019
Innoven Capital proclaimed that the company obtained an extra $200 million capital investment from s ...More
By Jaspreet Kaur
May 15, 2019
National Mineral Development Corporation Ltd (NMDC), government-owned mineral producer plans to inve ...More
By Jaspreet Kaur
May 14, 2019
Global PayEx proclaimed that JP Morgan has done strategic investment in the company so the company c ...More
By Jaspreet Kaur
May 14, 2019
With the investment in Simi Reality Motion, ZF will increase in proficiency beyond the current occup ...More
By Jaspreet Kaur