Infinite Uptime India Pvt. Ltd, an Internet of Things (IoT) startup that harnesses the power of big data & predictive analytics for data-driven decision making, has raised $5.15 million in Series B funding round led by Ventureast.
New investor THK, a Japanese company that develops and manufactures mechanical components, Ventureast said in a statement.
Existing VC investors Mayfield Fund, GSR Ventures, Global IoT Technology Ventures (GiTV) and IL&FS Private Equity also participated in this funding round.
The startup will utilise the current financing to deepen its presence in Asia, and scale up its operations in the Middle East, US and Europe.
Founded in 2015 by Raunak Bhinge, the California- and Pune-based IoT startup is a Global Industrial IoT Solution Provider for Improved Quality, Productivity, Monitoring and Predictive Maintenance in the Engineering and processing industries.
Commenting on the funds raised, Raunak Bhinge, founder and CEO, Infinite Uptime, said the startup will invest heavily in research and development to boost its diagnostic solution and ensure that even the most remote process plants can have their equipment monitored round the clock.
Sanjeev Yamsani, principal at Ventureast, said that Infinite Uptime’s advanced artificial intelligence and machine learning capabilities on the cloud and configurable edge diagnostics lead to real time actionable insights.
Earlier in 2018, the startup had raised $5 million in Series A funding from existing investors. The startup claims it has monitored over 75 million machine hours and has delivered over 10,000 actionable insights.
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