Infinite Uptime, a provider of predictive maintenance solutions for industrial machinery has raised $18.85 million in its Series B3 funding round.
The round was led by Tiger Global, a global investment firm, with participation from existing investors GSR Ventures, VenturEast, Mayfield, and THK. The company is also backed by Belgium-based innovative impact investor, KOIS.fund.
The company claims that its cutting-edge technology digitises assets and leverages vibration monitoring to diagnose faults and provide recommendations for large-scale industrial machinery remotely. It is currently serving more than 300 customers globally. Its clientele includes Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group and Coca-Cola.
The Series B3 funding will enable the company to further strengthen its global market share and multiply value delivery and service quality across industry segments.
“This investment is a strong validation of our business strategy and growth potential,” said Raunak Bhinge, Founder and CEO of Infinite Uptime.
“This will enable us to invest heavily into fundamental research & product development, expand our capabilities and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market,” he added.
Griffin Schroeder, Partner, Tiger Global Management, said, “Infinite Uptime has helped their manufacturing partners see improved plant reliability, production volume, and overall efficiency. We are excited to be investing behind them and their continued growth.”
Vikram Godse, Managing Partner at Mayfield added, “Mayfield, as the seed investor in Infinite Uptime has witnessed its stellar growth into not just a market leader but an evangelist in the IoT space. We remain excited and continue to invest alongside other investors in Infinite Uptime’s exciting journey.”
Sanjeev Yamsani, Partner at VenturEast added, “Their ability to scale the product to global south from India is a compelling example of innovation that India can build for the world. We believe Infinite Uptime will play a key role in increasing the efficiency of factory floors thus enabling the global south to compete.”