UptimeAI, an artificial intelligence-based predictive maintenance software provider for companies in heavy industries, has raised $1.5 million (around Rs 11 crore) in a seed funding round.
The round in Bengaluru and California-based UptimeAI has been led by YourNest Venture Capital, an early-stage fund focused on the deep-technology and enterprise segments.
Other angel investors also participated in this seed round, UptimeAI said in a statement, without disclosing their identities. The startup was also one of those selected for the YourNest SOAR Program, which accelerated deep-tech startups during last year’s lockdown.
The platform, operated by UptimeAI Inc., was set up in 2019 by Jagadish Gattu and Vamsi Yalamanchili. Gattu, an alumnus of IIT-Madras and the Kellogg School of Management, has worked with companies including entities owned by GE.
Yalamanchili is a graduate of IIIT-Hyderabad. His previous venture, restaurant management solutions platform inResto, was acquired by Times Group-owned Dineout in August 2015.
UptimeAI says its platform is focused on creating an AI-based solution that will allow plant operators to maximise efficiency and reliability. The company says it operates offices in Bengaluru and San Francisco, and that its core team has subject matter expertise in areas such as power, oil and gas, and chemicals.
The startup will use the capital raised in this seed round to scale its technological infrastructure as well as expand presence in several international markets.
The investment in the firm also marks the latest commitment to an AI-based startup. Companies using this frontier technology across sectors have attracted investor interest over the past couple of years, with this trend accelerating in the pandemic.
Last week, VCCircle reported that Cornerstone Venture Partners Fund (CSVP), a firm set up by former Reliance Industries executives Abhishek Prasad and Rajiv Vaishnav, invested in sales intelligence firm Enparadigm Performance Solutions.
Similarly this month, Agara, which develops AI-based autonomous voice agents focused on enterprises, raised $4.3 million (around Rs 31.4 crore) in a pre-Series A extension funding round.