Industrial IoT innovator Infinite Uptime raises $18.85M in Series B3 round led by Tiger Global
The funding will enable the company to further strengthen its global market share and multiply value delivery and service quality across industry segments.
Infinite Uptime, an industrial Internet of Things (IoT) company, has raised $18.85 million in Series B3 funding round. The round was led by Tiger Global with participation from existing investors GSR Ventures, VenturEast, Mayfield, and THK. The company is backed by Belgium based innovative impact investor, KOIS.
In December 2020, the company had raised $5.15 million (about Rs 38 crore) in its Series B round led by VenturEast.
The funding will enable the company to further strengthen its global marketshare 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, . “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.”
Infinite Uptime offers predictive maintenance and condition-based monitoring solutions for process and manufacturing companies. It specialises in high-frequency data analytics to diagnose faults and recommend timely corrections remotely.
The company has over 300 customers globally, including Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group, and Coca Cola. By leveraging its advanced analytics, AI and remote monitoring capabilities, Infinite Uptime claims to have enabled savings of over 11,000 hours of unplanned downtime for their customers.
“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,” stated Griffin Schroeder, Partner, Tiger Global Management.
“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,” added Vikram Godse, Managing Partner at Mayfield.
Edited by Megha Reddy