Series A Fund Boosts AI-Driven Plant Monitoring in U.S. Industrial Sector
HOUSTON, Aug. 12, 2024 — UptimeAI, the world’s first AI-based plant monitoring software for industrial businesses announces it has raised $14 million in Series A funding to boost its North American operations. WestBridge Capital led the round, with participation from Emergent Ventures and Aditya Birla Ventures. This funding will accelerate UptimeAI’s mission to revolutionize U.S. industrial plant monitoring and maintenance with advanced AI technology, following a stellar 400% growth in FY2023.
Meeting Industry Needs with Advanced AI
The global AI market for heavy industries is projected to grow from $10.6 billion in 2024 to $47.8 billion in 2029 at a CAGR of 35.1%. Global manufacturing leaders are increasingly leveraging AI to achieve more than basic pattern recognition and predictive analytics. They seek intelligent applications that can automatically identify root causes, extract best practices, and drive continuous improvement.
However, assessments by Forbes, McKinsey, and other industry bodies indicate a failure rate of 70-95% for such digital initiatives, compelling enterprises to develop their own scalable AI solutions.
Delivering ROI with Minimal Site Involvement
UptimeAI’s solutions deliver a 10-15X ROI within nine months, requiring minimal site team involvement. Its patented system model design approach eliminates the need for continuous AI model training by data scientists.
Consequently, nine out of ten customers have already scaled the UptimeAI solution across all sites within a 12-month period. This has resulted in significant savings in energy and maintenance costs, which in turn have driven a positive IRR for industrial plants.
“UptimeAI offers an enterprise-grade, AI-enabled Operational Excellence platform, which has achieved a 100% success rate in improving the profitability of process and manufacturing operations across six industries. This funding will enable UptimeAI to further assist large industrial enterprises to succeed in their digital transformation journey by optimizing their reliability, process efficiency, and maintenance cost.” stated Rishit Desai, Partner at WestBridge Capital.
US Operation Expansion
This latest round of funding will significantly support UptimeAI’s rapid expansion plans across North America and will help position the company as the market leader in boosting efficiency and reliability in U.S. manufacturing and processing sectors.
Jagadish Gattu, CEO, UptimeAI, said, “Our vision is to embed the expertise of a seasoned Subject Matter Expert (SME) into a self-learning AI solution, making this invaluable knowledge accessible to every engineer aiming for operational excellence. 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 further enable us to expand our AI Expert OEx platform offerings in these key regions.”
Aryaman Vikram Birla, Founder, Aditya Birla Ventures, concluded, “AI-enabled operational efficiency solutions can significantly impact industries. UptimeAI, with deep domain expertise is demonstrating strong ROI impact across large enterprise clients in 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. Our endeavor is to open up ABG’s global ecosystem and network for the growth of our portfolio companies.”
Founded in 2019 by Jagadish Gattu and Vamsi Yalamanchili, UptimeAI secured $3.5 million in seed funding in December 2022. The company empowers manufacturing leaders to achieve peak capacity utilization and drive AI-enabled operational excellence across all sites.
About UptimeAI
UptimeAI is a San Francisco-based technology provider offering operational excellence capabilities via its AI Expert OEx platform. The company supports firms in the chemical, oil and gas, and utility sectors, helping them understand the relationships between asset performance and process anomalies to drive operational excellence. Many global industrial customers have implemented UptimeAI’s solutions across North America, the Middle East, and India.
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