UptimeAI, which offers virtual expert for heavy industries, will use the funding to scale its core technology efforts and expand presence in international markets.
UptimeAI, a company specializing in AI-based predictive maintenance software for heavy industries, announced that it is raising a total of $1.5M SEED funding from YourNest Venture Capital and other angel investors. This investment will help UptimeAI scale its core technology development efforts and expand its presence in multiple international markets.
The company was founded in 2019 by Jagadish Gattu and Vamsi Yalamanchili with the vision to create the manufacturing industry’s first ‘AI-based Plant Expert’, thereby empowering operators to avoid surprises and maximize reliability, efficiency and productivity. They built a core team that is consolidating cutting-edge AI innovation and over 200 years of SME (Subject Matter Expert) knowledge from working with power, oil and gas, chemicals, automotive and other industries into a purpose-built AI solution for plant monitoring.
“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 & Middle East,” said Jagadish Gattu, CEO & Founder, UptimeAI, who is an IIT-M alumnus with an MBA from Kellogg School of Management; he also has six patents and 15 years of prior experience managing predictive maintenance solutions at companies like GE.
“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,” said Vamsi Yalamanchili, CTO & Co-Founder, UptimeAI, a IIIT Hyderabad alumnus and a second-time entrepreneur whose previous startup, InResto, was acquired by the Times Group.
“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. UptimeAi is also one of the selected startups in the YourNest SOAR Program which accelerated funding for DeepTech startups during the 2020 lockdown,” said Dr Vivek Mansingh, General Partner, YourNest Venture Capital.