AI startup, UptimeAI has managed to raise Rs 116 crore or $14 million in a Series A funding round led by WestBridge Capital along with existing investor Emergent Ventures and new investor Aditya Birla Ventures which is the Venture Capital arm of Aditya Birla Group.
These funds are set to be used partly to expand the product portfolio, AI tech stack, and spread across North America, the Middle East, and Asia. Uptime CEO Jagadish Gattu confirms the same, citing that 90% of the company’s revenue comes from the US and Middle East markets so the funds would be utilized accordingly for their go-to-market and product strategy. Its competitor in the US include Augury and SparkCognition, while in India it contends with Infinite Uptime.
Its client network includes the sectors of power generation, oil and gas, food and beverages, aerospace, chemicals, metals, and aerospace, of which the major names include Bharat Petroleum, OCI Global, and UltraTech Cement.
Established by Gattu and Vamsi Yalamachili in 2019, UptimeAI provides AI-driven digital solutions in the heavy manufacturing industry to reduce maintenance costs, and efficiency losses, and increase workforce and efficiency. Gattu added that the services of UptimeAI provide warnings and solutions for equipment failures. UptimeAI’s global AI market is estimated to become $47.8 billion by 2029.
Aryaman Vikram Birla, founder of Aditya Birla Ventures remarked on the investment, “UptimeAI demonstrates strong Return on Investment impact across large enterprise clients in the US and India.” He further added, “Our investment aligns with our vision to support outstanding founding teams building businesses of tomorrow”.
In 2022, the AI startup had raised $3.5 million in a seed funding round led by Emergent Ventures. And this recent funding has come amidst the rise of AI-based startups both globally and in India with their services spread across fintech, Edu-tech manufacturing, and consumer support.
