Infinite Uptime, a predictive maintenance and energy efficiency leader for process industries, announced it has secured a $35 million investment led by Avataar Ventures, with participation from StepStone Group and LGVP (New York). And existing investors Tiger Global and GSR Ventures also participated in the round.
Supported by a global service delivery model, Infinite Uptime provides a full-stack plant reliability and energy efficiency offering that consists of proprietary sensing technology, AI-based diagnostics, prescriptions, prognostics and tracking of interventions that deliver enhanced plant efficiency.
The company also has a presence and serves customers in the United States, Europe, Middle East, South-East Asia and India. And cumulatively, customers experienced a direct impact of 74,274 hours of user-validated downtime savings, equivalent to a 99% reduction in unplanned downtime, along with a 5-10% improvement in productivity, energy efficiency, safety and compliance.
With the latest funding round, the company plans to accelerate its global service portfolio and invest in the next generation Plant Operating System, that securely integrates Operational and Equipment data to deliver comprehensive plant reliability, improved productivity, and enhanced energy efficiency.
KEY QUOTES:
“At Infinite Uptime, our commitment to driving innovation in digital manufacturing intelligence is unwavering. We are fortunate to have partners like Avataar, StepStone and LGVP join our journey to accelerate and advance the future of digital plants with service-led manufacturing intelligence.”
– Raunak Bhinge, Founder of Infinite Uptime
“We believe that the Industry 4.0 market is still in its early innings and will experience an exponential growth in the near future fueled by massive digital transformation spends on advanced AI and IoT technologies. Infinite Uptime’s full-stack AI-enabled offering has consistently delivered strong returns on investments to its marquee customer base and has become their de-facto platform of choice globally. We have been highly inspired by the vision, ingenuity and execution of Raunak and his team. They bring a unique trifecta of deep domain expertise, highly quality manufacturing and operational excellence, and customer-obsessed service delivery that is essential to transform the current archaic manufacturing technology landscape. We are committed to working with them in the trenches and help Infinite Uptime accelerate its global expansion.”
– Shobhit Gupta, Principal at Avataar Ventures
“StepStone is delighted to partner with Infinite Uptime. Infinite Uptime has demonstrated the ability to solve mission-critical problems for manufacturing companies globally, through their differentiated hardware/software solution approach. We are extremely excited about this market and the future prospects for this business and look forward to working with the team on their next phase of growth.”
– Hunter Somerville, Partner at StepStone Group
