Pune, July 23: Infinite Uptime, city based industrial IoT solution provider harnessing Artificial Intelligence for improved productivity, quality, monitoring and predictive maintenance has collectively received about $5 Million ‘Series A’ funding from multiple PE and venture capital funds across the world.
This was announced by Raunak Bhinge, Founder and Managing Director, Infinite Uptime during a Press Conference held in the city today. Abhijit Jorvekar, Chief Growth Officer, Infinite Uptime was also present.
Mayfield: Seed & Series A investors have invested $1.37 Million, IL & FS has invested $2 Million, GSR Ventures: Seed & Series A Investors have invested $1.37 Million and GiTV: Series A Strategic Investors have invested 0.26 Million in Infinite Uptime.
Speaking on the occasion Raunak Bhinge said, “Lack of a scalable way to connect and analyse data coming from mechanical machinery and connecting it to the industrial ecosystem has been a common problem across industry. This has been resulting in unanticipated breakdown in spite of large number of initiatives in machine digitization. According to an estimate, lack of scalable predictive analytics for mechanical systems results in 70% of breakdown as compared to other causes such as thermal, hydraulic or electrical.”
“We provide a solution to engineering and process industry, primarily in mechanical predictive maintenance to prevent production losses incurred due to machine breakdown. Our solution is a combination of a unique smart sensor system and edge computing that gathers all the required mechanical data from the machine where it is installed, analyses it from various aspects at the edge and provides information critical to predictive maintenance of the machine helping save good amount of downtime thereby improving productivity”, he added.
“Results of this predictive analytics have been phenomenal. Some to the key pointers that showcase the results include, 10 hours of unpredicted downtime saved per month per machine saving about $9000, achievement of 50% lower breakdown, improved key performance indicators of the machine, 25% of more production potential unlocked per year towards direct profit, savings of 24 hours of unplanned downtime per month and enabling continuous data monitoring for anomaly detection. This solution actually helps the industry to move from preventive maintenance to predictive and proactive maintenance that can reduce breakdown by about 70%”, informed Abhijit Jorvekar.
Automotive, textile, processing, power, steel, defence, cement and many other industrial segments can benefit from the solution. Godrej, Siemens, Asahi in Japan, companies in the Tata Group, companies in the Kalyani Group, Companies in the TVS group, and Vitro in Mexico are some of the well-known companies that are using the Infinite Uptime solution.
Headquartered in Pune, Infinite Uptime has support teams in cities like Chennai, Bengaluru, Ahmedabad and Delhi NCR. The company has been ranked in the top 10 IoT solutions globally by APAC CIOOutlook 2017.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Copyright © 2014 - 2021 The Global Indian New Network (TGINN)