Breakthrough in asset management, plant operations, and predictive maintenance with the advent of AI-based virtual assistant.
BENGALURU, India, Dec. 16, 2022– UptimeAI, a leading AI-based digital transformation solution provider for the energy, chemicals, and heavy industries, has raised a total of $3.5 Million in funding led by Emergent Ventures. Joining the round are existing investors YourNest Venture Capital and new investors Sharad Sanghi, AI Sprouts, and Venture Catalysts. With the funding, UptimeAI plans to expand in the US to cater to its growing customer base.
Founded by Jagadish Gattu and Vamsi Yalamanchili, UptimeAI offers an AI-based virtual assistant software that uses patented self-learning workflows and system models to deliver human-like learning and diagnosis. The software empowers operators to improve reliability, performance, and energy efficiency with less effort. The result is 10X improvements in ROI over traditional predictive analytics and asset performance management solutions. Over the past 1.5 years, UptimeAI has deployed its solution for Fortune 500 companies across Asia, ME, and North America in Power Generation, Renewables, Oil & Gas, Chemicals, LNG, and Cement.
“Traditional digital tools provide KPIs, dashboards, and data analysis tools, which require weeks of manual effort to troubleshoot, build and maintain data science models. Instead of endless pilots, operations and remote monitoring teams are looking for automated intelligence that detects the reason for losses, suggests mitigation, and gets smarter like an expert,” said Jagadish Gattu, CEO of UptimeAI. “UptimeAI delivers exactly that by consolidating point solutions and combining cutting-edge AI innovation with 200 years of SME (Subject Matter Expert) knowledge.”
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,” said Girish Shivani, Executive Director & Fund Manager, YourNest Venture Capital. “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.”
“There used to be a time when young graduates would join heavy industrial companies and work there till they retired. Now, these companies compete for talent with digital-first companies, and retaining talent is not easy. This industry is in a transition,” said Ankur Jain, Partner, Emergent Ventures. “UptimeAI enables these companies to deploy AI-led automation and sets them up to leverage the modern workforce.”
Emergent Ventures is a Silicon Valley-based early-stage venture capital firm that focuses on the Intelligent Enterprise Software space, which includes themes such as Enterprise Automation, Artificial Intelligence, and Cloud Infrastructure. Emergent is a preferred investor for startups leveraging Silicon Valley go-to-market and building products in emerging tech hubs such as India, Austin, and Atlanta. Emergent partners early with high-potential entrepreneurs, leads seed rounds, and works closely with portfolio companies to help them get to their next milestones faster. Emergent’s team has been involved with 50+ venture investments over the past decade, including 7 unicorns and 16 realized exits.
YourNest , established in 2011 as a technology-focused Pre-Series A fund house, has pioneered DeepTech investing and IP-led product innovation in enterprise-driven (B2B) startups (IoT, AI/ML, Robotics, Cloud, Automation, etc). Focused on emerging technologies to enhance the way mankind leverages the value of time, YourNest Innovative Products VC Fund III (which recorded its first close in Sept ’21 and has NIIF as its anchor investor) aims to create an opportunity for Indian entrepreneurs to scale into global markets. Many of YourNest’s portfolio companies across its three funds have secured patents and attracted Fortune 500 Companies as customers. In its first Fund, YourNest has provided a DPI of 1.46 with four exits. Its second Fund is fully invested with a maiden exit. And, at 45.23% net IRR as of Sept. 30 2022, it features amongst the best-performing AIFs, as per the latest CRISIL AIF Benchmark Report of March 2021.
UptimeAI is an Artificial Intelligence company that offers virtual AI assistant software for improving plant and asset performance. UptimeAI’s ‘AI Expert’ uniquely combines artificial intelligence with subject matter knowledge from 200+ years of cumulative experience to explain interrelations across upstream/downstream equipment, identify problems, and give prescriptive diagnosis at scale. To maintain high availability, improve efficiency, and eliminate unplanned downtime, AI Expert continuously learns while providing prescriptive measures. The company’s customers include several in the Fortune 500.