India’s VenturEast leads $5.1m series B round in industrial IoT startup

Infinite Uptime, an industrial internet-of-things (IoT) company based in the US and India, announced that it has raised over US$5.1 million in a series B round of fundraising led by VenturEast.

Japan’s THK and existing investors Mayfield Fund, GSR Ventures, IIML, and GiTV also participated in the round.

Infinite Uptime managing director Raunak Bhinge / Photo credit: Infinite Uptime

Founded in 2015, Infinite Uptime provides an IoT solution that uses vibration analysis to detect anomalies in rotary equipment. It specializes in high-frequency data analytics such as acoustic analyses and spectral analyses to diagnose faults and recommend corrections remotely.

The company provides a hardware device called Industrial Data Enabler and software solutions for process industries to monitor their machines in real time.

VenturEast principal Sanjeev Yamsani claims that the company has developed over 80,000 asset libraries that can help in the early detection of anomalies through its edge computing technique.

VenturEast claims to have US$350 million in assets under management. According to the Indian VC fund, it is currently investing out of its fifth fund with a focus on enterprise tech and consumer tech startups. Some of the startups it has funded in the past include Acko, Portea, 24 Mantra, and Gland Pharma, among others.

With the new funds, Infinite Uptime will deepen its presence in India and expand to Japan, the Middle East, and the US, said Yamsani. It will also be used to further strengthen customer relationships and invest in the research and development of its diagnostic solution.

Currently, the company has over 200 customers such as Siemens, Daikin, RSB Transmissions, THK, JSW, TVS Motors, and Tata Steel.

The latest investment comes after Infinite Uptime closed US$5 million in a series A round from Mayfield Fund, Infrastructure Leasing and Financial Services, GSR Ventures, and GiTV in 2018.