YourStory.com | February 16, 2021
Bengaluru and California-based UptimeAI on Tuesday announced that it has raised $1.5 million in a seed round led by YourNest Venture Capital, an early-stage fund focused on the deep-tech and enterprise segments. Other angel investors also participated in this seed round, UptimeAI said in a statement, without disclosing their identities.
Founded in 2019 by Jagadish Gattu and Vamsi Yalamanchili, UptimeAI specialises in AI-based predictive maintenance software for heavy industries.
According to the company statement, the startup will use the capital raised in this seed round to scale its technology infrastructure as well as expand its presence in several international markets.
Speaking about the new development, Jagadish Gattu, CEO and Founder, UptimeAI said,
“As manufacturers are challenged with margin pressures, retirement of industry experts and remote operations, UptimeAI enables operational excellence by bringing human-like intelligence at scale to process billions of data points and give precise answers. We are happy to have found a shared vision for this with YourNest Venture Capital, and look forward to working together to scale and take the UptimeAI value across the US, Europe, and the Middle East.”
“Customers are tired of spending millions, getting stuck in endless pilots and waiting for years to get a return on investment. At UptimeAI, we enable rapid deployment and ROI with built-in failure modes, patent-pending AI for manufacturing and self-learning workflows, that offer up to 10x reduction in alarms, manual effort and time to act,” added Vamsi Yalamanchili, CTO and Co-founder, UptimeAI.
Commenting on the investment, Vivek Mansingh, General Partner, YourNest Venture Capital stated,
“In UptimeAI, we found a startup that is developing a comprehensive and purpose-built AI solution for manufacturing based on a deep understanding of operational challenges. Further, the combination of AI with their robust domain expertise puts them in a league of their own and we are excited to enable their journey ahead.”
The startup was selected for the YourNest SOAR Programme, which accelerated deep-tech startups during last year’s lockdown. It has also been recognised across the Indian industrial ecosystem time and again by the Government of India, NASSCOM, and Jio Accelerator for its innovation and value.
Link: AI-based startup UptimeAI raises $1.5M in seed round led by YourNest Venture Capital