Industrial Internet of Things (IoT) startup Infinite Uptime, a platform that helps industrial companies keep their machines running smoothly, has raised $18.85 million in a Series B3 funding round led by Tiger Global with participation from existing investors GSR Ventures, VenturEast, Mayfield, and THK.
The company plans to use the raised capital to bolster its global marke tshare and multiply value delivery and service quality across industry segments.
Infinite Uptime said it digitises assets and leverages vibration monitoring to diagnose faults and provide recommendations for large-scale industrial machinery remotely.
The company claims tto serve over 300 customers globally including Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group and Coca Cola, the company said. It also claims to have saved 11,000 hours of unplanned downtime for its customers.
"This investment is a strong validation of our business strategy and growth potential. This will enable us to invest heavily into fundamental research and 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," said Raunak Bhinge, founder and CEO, Infinite Uptime.
Griffin Schroeder, Partner, Tiger Global Management, said, “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.”