Infinite Uptime is an Indian startup that offers predictive maintenance solutions to its factories, raising $35 million in Series C funding rounds, expanding its footprint in the US and other markets.
Manufacturing has slowed many industries to adopt technology, and many of the world's heavy industries still rely on machines, many of which are aging and consume a lot of energy. That said, modern technology is slowly and reliably entering the factory, especially for maintenance and repairs.
The company says it will provide predictive maintenance and repair recommendations using proprietary sensors, software analysis, and AI-based diagnostics. There is also a smart dashboard that provides live monitoring capabilities.
“We identify recommendations and intervention points for manufacturers: what should be done with plants, which parameters should be considered, which assets should be revised,” Infinite Uptime founder Raunak Bhinge told TechCrunch.
The startup says its piezoelectric sensors can provide high temperature diagnostics and complex acidic environments such as phosphoric acid, nitric acid and sulfate plants. He has secured around five patents in the field, Bhinge said.
To be clear, this is not a completely new opportunity in the market. Large manufacturers such as Rockwell, Siemens and Honeywell have been making their factories possible with AI-based automation for some time. Similarly, some startups like Augusty help factories detect problems with machines using sensors and AI.
But Bhinge explains that the startup approach is not top-down, like its large competitors using programmable logic controllers (PLCs) or programmable limit switches (PLS). He argued that even battery-based microelectromechanical systems (MEMS) offered by some startups have limited use cases and does not work effectively in high temperature applications.
Endless uptime target manufacturers for steel, cement, metals, mining, fertilizers, chemicals and paper industries. We will also partner with OEMS to connect the AI layer to new products.
Cumulatively, according to Infinite Uptime, the solution says it will help customers save 74,274 hours of downtime and improve productivity, energy efficiency, safety and compliance by 5% to 10%.
The startup currently serves 800 factories in nearly 30 countries and aims to further expand its presence in the US with new funding. Series C was led by Avataar Ventures and saw participation from Stepstone Group and LGVP along with existing investors Tiger Global and GSR Ventures. In this round, the company's total capital will be increased to around $65 million, according to Crunchbase, since its inception in 2015.
Bhinge said startup revenue has increased twice a year over the past three years, with positive operational cash flows. The company is considering directing fresh cash towards product development and intends to appreciate the opportunity to further expand M&A opportunities.
With around 350 employees, Infinite Uptime is planning to invest more in R&D and data science to enhance AI insights and “construct the gap between build capacity and actual production and improve production efficiency,” says Bhinge.
“We're investing in ways to support manufacturers […] We use less energy per ton of production from our existing build capacity,” he said.