PE Fund Investments
Industrial IoT startup Infinite Uptime raises $35-M from Avataar, StepStone, LGVP, existing investor
Pune- and CA (USA)-based industrial Internet of Things (IoT) startup Infinite Uptime has raised USD 35 million (around INR 305.5 crore) in a Series C funding round led by Avataar Ventures. The round also saw participation from StepStone Group and LGVP, along with existing investors, including Tiger Global and GSR Ventures.The fresh funds will be used to drive growth, facilitate the advancement of the firm's IoT platform, broaden presence in the manufacturing sector, and expand footprint in the USA and other international markets.Founded in 2015 by Raunak Bhinge and YC Chen, Infinite Uptime offers real-time fault diagnostics and monitoring for key mechanical equipment. It predicts the discrepancies in machines using frequency analysis of vibrations, monitored via sensors integrated into the machines. It serves more than 300 customers across over 800 plants in 30 countries and focuses on manufacturing industries, including cement, steel, metals & mining, FMCG, chemicals, oil & gas, power, pharma, tires, automotive, construction, pipes, and others.
Between June 2018 and May 2023, Infinite Uptime had attracted about USD 29 M from GSR Ventures, IIML, Mayfield, Ventureast, and Tiger Global.For FY24, Infinite Uptime had reported about INR 54.75 Cr in Operating Income and about INR 8.40 Cr in Net Loss.
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