Private equity firm WestBridge Capital, which is an investor in several homegrown companies such as Meesho, Freshworks, Healthians, and Leadsquared, has led a $14 million Series A funding round in UptimeAI, which provides artificial intelligence-based plant monitoring software for industrial businesses.
UptimeAI’s existing investor Emergent Ventures and new investor Aditya Birla Ventures participated in the round.
“With 90% of our revenues from the US and Middle East markets, this funding validates our go-to-market and product strategy and enhances our offering significantly,” said Jagadish Gattu, chief executive officer of UptimeAI.
The funding will support UptimeAI's expansion across North America, the Middle East, and Asia.
The company provides an AI-enabled platform that it says improves the profitability of process and manufacturing operations across six industries, including oil and gas, chemicals, and energy.
“Our AI solution not only predicts equipment failures before they occur, but also identifies inefficiencies and suggests optimizations to improve performance. This approach significantly reduces any unplanned downtime, ultimately enhancing operational reliability and efficiencies - paving the way for a smarter, more resilient future,” said Gattu.
“The platform has a 100% success rate in improving profitability,” said Rishit Desai, partner at WestBridge Capital, adding, “This investment will help larger industrial enterprises optimise their reliability, process efficiency, and maintenance costs.”
Founded in 2019 by Gattu and Vamsi Yalamanchili, UptimeAI had previously raised $3.5 million in seed funding in December 2022 from Yournest Venture Capital along with a few angel investors.
The global AI market for heavy industries is projected to grow from $10.6 billion in 2024 to $47.8 billion in 2029, with enterprises seeking applications that can automatically identify root causes, extract best practices, and drive continuous improvement. UptimeAI is one of the many AI companies operating in the segment.
