The funding round was led by WestBridge Capital, and also saw participation from existing investor Emergent Ventures and new investor Aditya Birla Ventures
UptimeAI will use the fresh capital to scale up its tech platform, expand product portfolio and expand footprint in North America, Middle East and Asia
Founded in 2019, UptimeAI helps manufacturing plants minimise efficiency losses and reduce maintenance costs via its AI-driven digital solutions
Artificial intelligence (AI) startup UptimeAI has raised $14 Mn (about INR 116 Cr) in its Series A funding round led by WestBridge Capital.
The funding round also saw participation from existing investor Emergent Ventures and new backer Aditya Birla Ventures, the venture capital (VC) arm of Aditya Birla Group.
The startup will use the capital to scale its AI tech stack and expand product portfolio. A part of the funds will also be utilised to bolster UptimeAI’s footprint in geographies across North America, Middle East and Asia.
Founded in 2019 by Jagadish Gattu and Vamsi Yalamachili, UptimeAI enables its clients in the heavy manufacturing industry to minimise efficiency losses, reduce maintenance costs and increase workforce productivity via its AI-driven digital solutions.
“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 UptimeAI CEO Gattu.
As per Gattu, the startup’s AI platform predicts equipment failures before they occur, identifies inefficiencies and suggests optimisations to improve performance. It has clients spanning sectors such as power generation, oil and gas, chemicals, metals, automotive, food and beverages and aerospace. Bharat Petroleum Corporation Limited (BPCL), OCI Global and UltraTech Cement are among the clients of the startup.
Commenting on the fundraise, Aditya Birla Ventures founder Aryaman Vikram Birla said, “UptimeAI demonstrates strong RoI (return on investment) impact across large enterprise clients in the US and India. Our investment aligns with our vision to support outstanding founding teams building businesses of tomorrow”.
The startup previously raised $3.5 Mn in a seed funding round led by Emergent Ventures in 2022. UptimeAI gets 90% of its revenue from the US and the Middle Eastern markets.
While it competes with global players like Augury and SparkCognition in the US, it locks horns with homegrown startup Infinite Uptime in the Indian market. Uptime AI operates in the larger global AI market for heavy industries, which is projected to be a $47.8 Bn opportunity by 2029.
UptimeAI also featured in the February 2021 edition of Inc42’s “30 Startups To Watch”.
The fundraise comes at a time when the AI boom has gripped the world and has spawned the rise of new startups out of India. These homegrown new-age tech companies cater to clients in a wide variety of segments, including consumer support, manufacturing, and fintech.
