ETTech | July 14, 2024
UptimeAI, an AI startup by Jagadish Gattu and Vamsi Yalamanchili, raised $14 million in Series A funding from WestBridge Capital and Emergent Ventures. The AI startup specialising in the manufacturing and heavy industries sectors claims its operational excellence solutions have delivered 10-15 times RoI for customers within nine months.
UptimeAI, an artificial intelligence (AI) startup specialising in the manufacturing and heavy industries sectors, has raised $14 million in a Series A funding round. The round was led by WestBridge Capital, with participation from existing investor Emergent Ventures and new investor Aditya Birla Ventures.
The funding will be utilised to expand UptimeAI’s product portfolio and increase its presence in North America, the Middle East, and Asia, according to a statement from the company on Tuesday.
“With 90% of our revenues already generated from the US and Middle East markets, and with our current profitability, this new funding validates our go-to-market and product strategy. It will enable us to further expand our AI Expert OEx platform offerings in these key regions,” said Jagadish Gattu, chief executive officer, UptimeAI.
Founded in 2019 by Gattu and Vamsi Yalamanchili, UptimeAI has developed an AI platform that helps customers in the heavy industries sector monitor and optimise operations, thereby increasing their productivity and minimising losses.
UptimeAI claims its operational excellence solutions have delivered 10-15 times the return on investment (RoI) for customers within nine months, requiring minimal site team involvement of just two days. Its patented system model design approach eliminates the need for data scientists to continuously train AI models, with nine out of 10 customers scaling the solution across all sites within 12 months, it added.
The company serves clients in industries such as chemicals, oil and gas, and other utility sectors, including Bharat Petroleum Corporation Ltd (BPCL), Ultratech Cement, OCI Global, and Shell Global.
“AI-enabled operational efficiency solutions can significantly impact industries. UptimeAI, with deep domain expertise, is demonstrating a strong RoI impact across large enterprise clients in the US and India with its AI solutions. We have strong belief in the capabilities of the founding team and the investment is in line with our vision to back outstanding founding teams, building businesses of tomorrow,” said Aryaman Vikram Birla, founder of Aditya Birla Ventures.
Prior to this round, UptimeAI raised $3.5 million in seed funding in December 2022.
Globally, UptimeAI competes with New York-based Augury and Austin-based SparkCognition. In 2023, Infinite Uptime, an Indian competitor of UptimeAI, raised $18.8 million from Tiger Global.