SAN FRANCISCO, Dec. 15, 2022 /PRNewswire/ -- 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."
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.