Tiger Global Invests $18.8 Million In Indian Industrial Iot Firm Infinite Uptime.

Infinite Uptime, the provider of predictive maintenance solutions for industrial machinery, has prearranged $18.85 million in a Series B3 round of funding. Existing investors GSR Ventures, VenturEast, Mayfield, and THK participated in the Tiger Global-led round. KOIS, a Belgian-based creative impact investor, has also infused the funds in the firm. According to a news statement from Infinite Uptime, the money will allow the firm to further increase its global market position and double value delivery and service quality across industrial categories. In December 2020, the industrial IoT (Internet of Things) firm received $5.15 million in Series B investment headed by VenturEast. The Series B2 round took place in December 2022.

What does the company do?

Infinite Uptime’s technology, led by Raunak Bhinge, digitizes assets and uses vibration monitoring to diagnose defects and make recommendations for large-scale industrial gear remotely.  The company mentions having 300+ customers all over the world and focuses on manufacturing industries like cement, steel, metals and mining, FMCG, chemicals, oil and gas, power, pharma, tyre, automotive, construction, pipes and others. Apart from its India location in the western Indian city of Pune, the firm operates in Berkeley, California and Dubai.

Wear and tear, degradation, and increased vibrations are all common causes of equipment malfunctions in industrial operations. Infinite Uptime is assisting in mitigating these risks by utilising industrial data analytics, which provides a variety of critical features like real-time condition monitoring complemented by cloud data backup help. It has a sophisticated dashboard with live monitoring capabilities and the ability to anticipate RUL and downtime, allowing organisations to strategize and implement timely maintenance activities.

The Pune-based startup, founded in December 2015, provides tailor-made solutions with remote condition monitoring, data-driven machine diagnostics, and digital reliability services that use intelligent data analytics to help improve plant reliability and failure predictability for manufacturing facilities.

Infinite Uptime’s founder stated in a statement that this investment strongly validates the company’s strategy and growth potential. This will allow them to spend extensively on foundational research and product development and enhance the abilities and overall experience, allowing them to deliver more value and exceed the customers’ demands in an ever-changing market.

The firm has over 300 customers and counts Vedanta, JSW Steel, Hyundai, Borosil, Ceat, and Adani among its clients all over the world.

The financial portfolio of Infinite Uptime.

Infinite Uptime increased its operational scale by 2.3X to Rs 10 crore in FY22 from Rs 4.3 crore in FY21. According to the annual financial statement, the company’s losses increased by 94.4% to Rs 16.17 crore during the fiscal year, up from Rs 8.32 crore in FY21.

This is Tiger Global’s first investment in a new Indian firm in 2023. In February of this year, the New York-based investor made an investment in its portfolio business PhonePe. Infinite Uptime has assisted its manufacturing partners in increasing plant dependability, volume, and overall efficiency. Griffin Schroeder, partner at Tiger Global, stated in a statement that They are excited to be investing behind Infinite and their continued growth. Infinite Uptime has saved its clients over 11,000 hours of unexpected downtime by utilising powerful analytics, AI, and remote monitoring capabilities.

The VC stopped doing significant deals in 2022 and was entirely absent from the investment environment in January, March, and April of this year. Meanwhile, it is allegedly in discussions to invest $40 million in Rajasthan Royals, an Indian Premier League (IPL) team valued at $650 million.

Opinions of other investors of the company.

As a seed investor in Infinite Uptime, Mayfield has seen it evolve from a market leader to an advocate in the IoT area. According to Vikram Godse, managing partner at Mayfield, they remain excited and continue to invest alongside other investors in Infinite Uptime’s exciting journey.

According to Sanjeev Yamsani, partner of VenturEast, they believe Infinite Uptime will play a crucial role in enhancing the productivity of manufacturing floors, allowing the global south to compete. Infinite’s capacity to expand the product to the global south from India is a striking illustration of the kind of innovation India can provide for the rest of the globe.

Conclusion.

The new investment in Infinite Uptime comes at a time when Indian entrepreneurs are struggling to attract cash because global VCs are wary of placing their money in the country owing to the macro-level funding shortage and financial irregularity concerns afflicting some of the country’s leading firms.

Proofread & Published By Naveenika Chauhan