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Deeptech IoT start-up Datoms raises $1.2 million led by Yournest VC

Business TodayBusiness Today · 1y ago
Deeptech IoT start-up Datoms raises $1.2 million led by Yournest VC
Medial

Indian industrial deeptech IoT start-up Datoms has raised $1.2 million in a pre-Series A funding round led by Yournest Venture Capital. The Bhubaneswar-based company has developed a connected operations cloud platform that consolidates people, processes, and machine operations. Datoms plans to use the funding to enhance its product offerings, strengthen AI/ML capabilities, and expand its market presence in India and the Middle East. The platform enables sectors such as construction, warehousing, agriculture, mining, and ports to achieve higher efficiency and automate processes. Datoms aims to disrupt the $600 billion global connected machine market and has already connected over 5,000 machines with clients including Mahindra & Mahindra and Tata Motors.

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Presage Insights raises seed funding round

EntrackrEntrackr · 5m ago
Presage Insights raises seed funding round
Medial

Presage Insights, a provider of IoT and AI-based predictive maintenance, has raised Rs 5.6 crore in a seed funding round led by YourNest Venture Capital. It comes as part of the YourNest-SanchiConnect Velocity Program 2024. The fresh funds will be utilized to expand its market presence, scale operations, and accelerate innovation, Presage Insights said in a press release. Co-founded in 2021 by Aman Bhambra, Atul Sharma, and Kamalpreet Singh Sidhu, Presage Insights offers a comprehensive platform that combines advanced IoT sensors with a cloud-based software solution, enabling real-time monitoring of machine health. The platform leverages AI-driven diagnostics and delivers actionable insights to predict and prevent equipment failures. These solutions help manufacturers save up to $6,000 per machine annually, extend equipment lifespan, and bridge the skills gap in the industrial workforce. The Noida-based company aims to empower the industrial AI and IoT solutions landscape, helping manufacturers achieve higher efficiency, productivity, and sustainability. It focuses on minimizing machine breakdowns, enhancing predictive maintenance, and transforming manufacturing into an intelligent, automated ecosystem that maximizes value and minimizes waste. According to market research, the global predictive maintenance market is poised to grow from $7.5 billion in 2023 to $88.8 billion by 2032, with a CAGR of 31.6%. Presage Insights addresses the need for predictive, real-time solutions that help manufacturers reduce waste, optimize resources, and enhance productivity. The company says that its predictive maintenance solutions are already deployed across industries including FMCG, steel, cement, automotive, and process manufacturing, serving leading customers such as Adani, Abbott Healthcare, BPCL, and Kansai Nerolac. The company plans to introduce new hardware models tailored to industrial use cases and make forays into overseas markets such as the Middle East, South America, and South Asia.

UptimeAI raises $14 Mn in Series A round

EntrackrEntrackr · 1y ago
UptimeAI raises $14 Mn in Series A round
Medial

Artificial intelligence startup UptimeAI has raised $14 million in its Series A funding round led by WestBridge Capital. The round also saw participation from existing investor Emergent Ventures and new investor Aditya Birla Ventures. UptimeAI will use the proceeds to scale up its tech platform, expand product portfolio and presence in North America, Middle East and Asia. The company has bases in Bengaluru and San Francisco as well. Five-year-old UptimeAI creates AI-based solutions that help plant operators maximise efficiency and reliability. As per the company, its team has core competency in areas including power, oil and gas, chemicals, metals, and aerospace among others. UptimeAI’s four modules include – connect the dots, no code predictive alerts, inferencing engine for prescriptive actions, and continuous self-learning. It has a patented system and method for monitoring complex structures to identify the root cause of inefficiencies. In September last year, Bharat Petroleum Corporation Limited (BPCL) tied up with UptimeAI to optimize operational efficiency. Led by Jagadish Gattu and Vamsi Yalamanchili, UptimeAI was one of the selected startups in the YourNest SOAR Program. In February 2021, UptimeAI also raised $1.5 million in seed funding from YourNest Venture Capital and angel investors. UptimeAI competes with Tiger Global-backed Infinite Uptime, which raised $18.85 million in a round in May last year. Other global competitors include Sight Machine , Prospection SparkCognition, and Augury.

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