UptimeAI Raises $14 Million In Series A To Expand Product Portfolio And Geographic Reach

UptimeAI Raises $14 Million In Series A To Expand Product Portfolio And Geographic Reach

On July 15^th, San Francisco headquartered UptimeAI announced that it had successfully raised $14 million in a Series A funding round led by WestBridge Capital, with participation from existing investor Emergent Ventures and new backer Aditya Birla Ventures. Founded in 2019, UptimeAI offers robust asset health and failure prediction capabilities through its AI Expert APM solution. The firm plans to use the funding to expand its product portfolio and strengthen its presence in North America, the Middle East and Asia. Previously, UptimeAI raised $3.5 million in a seed funding round led by Emergent Ventures in 2022.

UptimeAI supports the chemicals, oil and gas, and utilities sectors in identifying failures, improving operations and providing prescriptive diagnostics. Its AI Expert APM solution, which scored a 2.9/3.0 and 2.1/3.0 for platform development environment and configurability in the 2024 asset performance management (APM) solutions Green Quadrant, offers a modern UI and no-code environment for developing applications, predictive models and UI adjustments. In addition, UptimeAI scored 2.3/3.0 in asset health and failure prediction. By combining over 1,000 FMEA libraries, statistical methods and ML models, it delivers industry-specific failure models, anomaly detection and predictive maintenance, minimizing false positives by detecting transient changes and equipment variations. The firm’s notable clients include Bharat Petroleum Corporation Limited (BPCL), OCI Global and UltraTech Cement.

APM software providers – such as ABB, AspenTech, AVEVA and GE Vernova – have made considerable strides in offering AI-based analytics to enhance the fidelity and accessibility of their APM offerings, either via in-house R&D investment or by acquiring AI analytics providers. For instance, Itus Digital was acquired by Hexagon in April 2024, and Atonix Digital by Prometheus Group in March 2023. The recent investment in UptimeAI further underscores the significant role of AI-driven solutions in the APM market.

This surge in investment activity signals a growing recognition of the value that AI brings to improving the efficiency, performance and reliability of industrial assets. As the demand for more sophisticated and reliable predictive maintenance solutions increases, vendors such as UptimeAI are well-positioned to provide innovative technologies that help industries reduce maintenance costs, minimize efficiency losses and enhance overall productivity. The continuous investment and interest in AI-centric APM solutions are likely to drive further advancements and consolidation within the industry, shaping the future of industrial asset operations and maintenance.

To explore further how the APM software market will develop, read the Verdantix Green Quadrant: Asset Performance Management Software 2024 report and register for the upcoming webinar How To Choose The Right Asset Performance Management Software.