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Presage Insights raises seed funding round

Entrackr · 17d

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.