Infinite Uptime Secures $18.85 Million in Series B3 Funding to Expand Global Market Presence in Industrial IoT

• ByStartupStory     |    May 22, 2023

Industrial Internet of Things (IoT) firm, Infinite Uptime, secures $18.85 million in Series B3 funding. Tiger Global leads the round, joined by existing investors GSR Ventures, VenturEast, Mayfield, and THK. The Belgium-based impact investor, KOIS, also supports the company. This comes after the company raised $5.15 million in its Series B round, led by VenturEast, in December 2020.

This latest funding infusion will empower the company to bolster its global market presence, enhance value delivery, and elevate service quality across various industry segments.

“This investment is a strong validation of our business strategy and growth potential,” said Raunak Bhinge, Founder and CEO, 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.”

Infinite Uptime specializes in providing predictive maintenance and condition-based monitoring solutions to process and manufacturing companies. Their expertise lies in utilizing high-frequency data analytics to remotely diagnose faults and offer timely recommendations for corrections.

With a customer base exceeding 300 worldwide, Infinite Uptime serves prominent names such as Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group, and Coca Cola. Leveraging advanced analytics, artificial intelligence (AI), and remote monitoring capabilities, the company asserts that it has facilitated savings of more than 11,000 hours in unplanned downtime for its clients.

“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.

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