Internet of Things (IoT) startup Infinite Uptime has raised $35 million (around Rs 305 crore) in its Series C funding round, which was led by Avataar Venture Partners, a growth-stage, operational venture capital firm. Other participants in the round included StepStone Group, LGVP Fund, and existing investors Tiger Global and GSR Ventures.
The company plans to utilize the capital to enhance its IoT platform, strengthen its presence in manufacturing, and accelerate expansion in both the US and global markets.
This new funding builds on Infinite Uptime’s previous fundraising efforts, which included an $18.85-million round in 2023. Investors in that round included GSR Ventures, VenturEast, Mayfield, and Japanese firm THK. Prior to that, the company raised $5.15 million in its Series B round, led by Ventureast in December 2020.
In July 2018, the company raised $5 million in a Series A funding round, led by Mayfield, IL&FS, and GSR Ventures, among others. The company is also backed by Kois, a Belgium-based innovative impact investor.
Founded in 2015 by Raunak Bhinge, an alumnus of IIT-Madras and the University of California, Infinite Uptime provides solutions for process and manufacturing companies. Its flagship product, the Industrial Data Enabler (IDE), combines proprietary hardware and software to enable real-time machinery monitoring, which helps businesses reduce downtime and maximize operational efficiency.
Operating across 26 countries, the company manages 801 production sites and 44,936 monitoring locations. The company claims its AI-driven diagnostics achieve 99.7% accuracy in fault prediction, supported by continuously powered piezoelectric sensing nodes.
The startup serves a range of manufacturing industries, including cement, steel, metals & mining, FMCG, chemicals, oil & gas, power, pharmaceuticals, tyres, automotive, construction, and pipes. Notable clients include Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group and Coca-Cola.