Infinite Uptime, India based industrial Internet of Things (IoT) startup, has raised US$5 million in a Series A funding round from a clutch of venture capital and private equity firms.
VC firm Mayfield Fund invested US$1.37 million; IL&FS, the PE arm of Infrastructure Leasing and Financial Services Group put in US$2 million; early-stage VC firm GSR Ventures invested US$1.37 million; and GiTV put in US$260,000 as a strategic investment.
“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 digitisation,” Raunak Bhinge, founder and managing director of Infinite Uptime, said.
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 added.