July 16, 2024: Industrial AI startup UpTimeAI has secured $14 million in Series A funding led by WestBridge Capital to accelerate go-to-market and product strategy and expand its offerings. Furthermore, the fresh capital infusion will enable the firms’ expansion into North American, Middle Eastern, and Asian markets.
Jagadish Gattu, CEO of UptimeAI said “Our vision is to embed the expertise of a seasoned Subject Matter Expert into a self-learning AI solution. 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.”
He added that “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.”
According to the company its solutions offer a 10-15X return on investment within nine months, with minimal involvement from on-site teams. Utilising a patented system model design, their approach eliminates the need for ongoing AI model training by data scientists.
Consequently, the UpTime AI claims that most customers have implemented the solution across all sites within 12 months, making substantial savings in energy and maintenance costs.
Uptime AI claims 100% success rate in improving profitability
“The platform has a 100% success rate in improving profitability. This investment will help larger industrial enterprises optimize their reliability, process efficiency, and maintenance costs,” said Rishit Desai, Partner at WestBridge Capital.
UptimeAI, founded in 2019 by Jagadish Gattu and Vamsi Yalamanchili, provides AI-driven manufacturing solutions to companies spanning across chemical, oil and gas, and utility sectors.
In December 2022, UpTime AI raised $3.5 million in seed funding. “UptimeAI demonstrates strong ROI 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,” said Aryaman Vikram Birla, Founder of Aditya Birla Ventures.
Other participating investors in this UpTime Financing round include Aditya Birla Ventures along with existing investor Emergent Ventures. The San Francisco-based firm provides AI-driven plant monitoring software for industrial businesses to boost the efficiency and profitability of process and manufacturing operations.
