Infinite Uptime India Pvt. Ltd, an Internet of Things (IoT) startup, has raised $5.15 million (around Rs 38 crore) in its Series B funding round led by venture capital firm Ventureast.
Another new investor that joined the round was THK, a Japanese company that develops and manufactures mechanical components, Ventureast said in a statement.
Existing VC investors Mayfield Fund, GSR Ventures, Global IoT Technology Ventures (GiTV) and IL&FS Private Equity also participated in this funding round.
US-based Mayfield, Tokyo-based GiTV, China’s GSR and homegrown PE firm IL&FS Private Equity had invested a total of $5 million in Infinite Uptime in its Series A funding round in July 2018.
The California- and Pune-based IoT startup said it will use the fresh funds to deepen its presence in Asia, and scale up its operations in the Middle East, US and Europe.
Raunak Bhinge, founder and CEO, Infinite Uptime, said the startup will invest heavily in research and development to boost its diagnostic solution and ensure that even the most remote process plants can have their equipment monitored round the clock.
Infinite Uptime was founded in 2015 by Bhinge, an alumnus of IIT-Madras and the University of California. The startup’s its proprietary hardware device – an advanced Industrial Data Enabler (IDE) – and software solutions help process and manufacturing companies monitor their machines in real time.
Sanjeev Yamsani, principal at Ventureast, said that Infinite Uptime's advanced artificial intelligence and machine learning capabilities on the cloud and configurable edge diagnostics lead to real time actionable insights.
The company claims it has monitored over 75 million machine hours and has delivered over 10,000 actionable insights.
Ventureast has been investing in India since 1997 with focus on sectors like clean energy, health-tech and life sciences, and food and agri-tech.
The venture capital firm is currently investing out of its sixth fund, which is a technology-focused vehicle called Ventureast Proactive Fund II.
Its recent bets include insure-tech firm Acko, fintech firm Kissht and rural e-commerce startup Boonbox.
In a recent interaction with VCCircle, Srikanth Sundararajan, partner at Ventureast, said that the VC firm had deployed two-thirds of the new fund’s corpus and will make three to four deals from the new vehicle.