The Pune-headquartered industrial internet of things (IoT) firm Infinite Uptime said that it had raised $5 million in Series A funding from a set of venture and private equity funds.
These are Mayfield ($1.37M), ILFS ($2M), GSR Ventures ($1.37M) and a strategic investment of $0.26M by GiTV. The funds would be used primarily to expand its presence and team size.
Raunak Bhinge, managing director at Infinite Uptime, said: Our technical team is currently in the United States (US); we will be setting up a 15-member technical team in India and aim to grow to 100 people from the current 35 over the next year.
The company provides solutions to engineering and process industry, primarily in mechanical predictive maintenance to prevent production losses incurred due to machine breakdown. 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 good amount of downtime thereby improving productivity, said Bhinge.
Currently, 80% of Infinite Uptimes customers are in India and the company has recently set up a team in China.
Abhijit Jorvekar, chief growth officer, Infinite Uptime said that the solution helps the industry to move from preventive maintenance to predictive and proactive maintenance that can reduce breakdown by about 70%. The startup currently works with companies like Godrej, Siemens, Kalyani Group companies and Tata group firms across industries like automotive, textile, processing, power, steel, defence and cement.