Presage Insights raised Rs 5.6 Cr Seed funding from YourNest Venture Capital
A seed funding round led by YourNest Venture Capital has raised Rs 5.6 crore for Presage Insights, a provider of predictive maintenance based on IoT and AI. The YourNest-SanchiConnect Velocity Program 2024 includes it.
According to a press release from Presage Insights, the new funding will be used to increase market presence, scale operations, and spur innovation.
Aman Bhambra, Atul Sharma, and Kamalpreet Singh Sidhu co-founded Presage Insights in 2021. The company provides a comprehensive platform that enables real-time machine health monitoring by combining cutting-edge IoT sensors with a cloud-based software solution. To anticipate and stop equipment failures, the platform uses AI-driven diagnostics and provides useful insights.
These solutions help manufacturers bridge the skills gap in the industrial workforce, increase equipment lifespan, and save up to $6,000 per machine annually.
The Noida-based company wants to help manufacturers achieve greater productivity, sustainability, and efficiency by empowering the industrial AI and IoT solutions landscape. Reducing machine failures, improving predictive maintenance, and converting manufacturing into an automated, intelligent ecosystem that optimizes value and reduces waste are its main objectives.
The global predictive maintenance market is expected to expand at a compound annual growth rate (CAGR) of 31.6%, from $7.5 billion in 2023 to $88.8 billion by 2032, according to market research.
In order to help manufacturers cut waste, maximize resources, and boost productivity, Presage Insights provides predictive, real-time solutions. Serving top clients like Adani, Abbott Healthcare, BPCL, and Kansai Nerolac, the company claims that its predictive maintenance solutions are already implemented in a variety of industries, including FMCG, steel, cement, automotive, and process manufacturing.
In addition to expanding into international markets like the Middle East, South America, and South Asia, the company intends to launch new hardware models for industrial use cases.
