IIoT company Flutura raises $7.5 million to power global growth

BENGALURU: Flutura Decision Sciences and Analytics, the Industrial Internet-of-Things (IIoT) company has raised $7.5 million (approx. 51 crore), one of the largest in the Industrial Intelligence space. This Series A round is led by Vertex Ventures and supported by Lumis Partners and existing investor, The Hive.

In 2013, Flutura raised its first round of funding of approximately $2 million by venture capital firm Hive Technologies. Hive Technologies is the Big Data startup fund launched by Patni siblings—Amit and Arihant Patni. Flutura was their fund’s first investment since its launch.

Founded in 2012, Flutura provides mission critical insights to drive industrial outcomes, based on their capability to interpret machine signals from connected assets and connected processes. Applicability of the solutions ranges from powering new business models for machinery manufacturers to optimizing complex process and discrete manufacturing operations. Their flagship software platform, Cerebra, provides diagnostics and prognostics through machine learning and artificial intelligence, to unlock new business value for many leading engineering and energy customers across the globe.

Speaking about their vision and future plans, Krishnan Raman, CEO and Co-Founder, Flutura said, “We believe that the industrial sector is at an inflection point where digitalization is disrupting fundamental process/product design, transforming business models and at Flutura we are uniquely positioned to help our customers thrive in this situation. 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.”

Ben Mathias, Managing Director, Vertex Ventures commented, “Flutura has demonstrated that it can build world-class technology that is adopted by corporations globally. Their ability to compete and win against global behemoths clearly proves their depth of market understanding and focus on innovation. We are excited to work with Krish, Derick and Srikanth in this bold endeavour.”

With operations in Palo Alto, Houston, Tokyo and Bangalore, Flutura boasts of visionary customers like Henkel, Stewart and Stevenson and Sodexo amongst many others. They have also established strong partnerships with the likes of Intel and Hitachi for product and market access support and was also accelerated by Microsoft Ventures in the Hi-Po scale-up program.

Acknowledging their robust growth story, 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. Lumis, as a firm focused on the intersect of Operating Technology & Manufacturing, is excited to be associated with Flutura in this fabulous journey."

Arihant Patni, Managing Director, The Hive India, said, “We placed our bets on the founding team and are delighted atwhat has been achieved. We welcome Vertex and Lumis to help power Flutura into the next orbit of global growth.”