Bangalore based Industrial Internet of Things (IIoT) startup, Flutura Decision Sciences and Analytics, has raised $7.5 million (INR 50 crore approx) in a Series A investment round led by Vertex Ventures, supported by Lumis Partners and The Hive (Palo Alto based seed fund). Vertex Ventures is the VC arm of Singapore Governemnt’s investment firm Temasek Holdings.The company states that it will use the recent investment for global expansion and ramp up its product portfolio to new and existing clients.
“We believe that the industrial sector is at an inflection point where digitalization is disrupting fundamental process/product design, transforming business models,” said Krishnan Raman, CEO and Co-Founder, Flutura.
“This investment round for us is not just about money, but having experienced and strategic global partners like Vertex and Lumis bolster the existing team help us in our core focus industries of energy and engineering.”
What does Flutura do?
Flutura was founded in 2012 with an aim to deliver mission critical insights to drive industrial outcomes, based on their capability to interpret machine signals from connected assets and connected processes. According to the company, its services can help power new business models for machinery manufacturers to optimizing complex process and discrete manufacturing operations.
The startup’s prime platform, Cerebra, employs machine learning and artificial intelligence to provide diagnostics and prognostics for engineering and energy companies looking to derive business value.
The company states that it operating in industries such as manufacturing, industrial and commercial machinery manufacturers, field equipment manufacturing for Oil n Gas, transportation equipment, power generators, steam, hydraulic, nuclear, solar, wind, transmission, and distribution.
Rohit Bhayana, Managing Partner and Co-Founder, Lumis Partners, said, “Flutura, in a short span since founding has accomplished a very mature solution-set for the Industrial IoT space. The solution relevance is clearly visible, from the global traction it has garnered, and the value adding use cases it has powered.”
The IoT startup also claims to have operations in Japan, India and the US, and has clients such as Sodexo and Henkel. The company has also established a partnership with Intel and Hitachi for product and market access support and has been also accelerated by Microsoft Ventures in the Hi-Po scale-up program.