An IoT-focused data analytics firm, Flutura has recently raised $7.5 million in a fresh funding round led by Vertex Ventures. The firm specializes in decision analytics for the energy and engineering sector leveraging the scope of industrial IoT technology. Henkel, Siemens, and Philips Solar are some of the major firms to feature in its clientele list. Flutura plans to make use of the funds for global expansion. The round additionally witnessed participation from private investment fund Lumis Partners and the startup’s existing investor The Hive, a Palo Alto-based seed fund.
Large industrial manufacturers can leverage Flutura’s data science solution to gain predictive maintenance and predict possible failure in machines. It also helps in enhancing operational efficiency by monitoring various signals through sensors. Krishnan Raman, CEO, Flutura, remarks “We are constantly targeting the huge untapped opportunity across the industrial IoT sector. Our existing solution of furnishing analytics to predict machine failure is only a beginning.”
Flutura’s solution provides the intelligence required to disengage a certain part of a machine that indicates likely failure, and subsequently sends an alert to replace the faulty part. Hitachi, Dell, Intel, and SAP are some of the large machine manufacturers with whom Flutura partners to extend its analytics solution over cloud and on-premise. With this funding round, the firm will expand geographically in the UK, and extend product offerings to its existing set of customers. Flutura already has a robust presence in the US, India, and Japan.
Vertex Venture is the capital arm of Singapore Government’s investment company Temasek Holdings. Previously in September, the fund had led a led a round of $6 million for customer analytics startup, CloudCherry. Flutura marks the second investment within last six months. Investments from Vertex Ventures in India are made out of its South Asia fund, which strives to identify opportunities in Taiwan, Singapore, Malaysia, and Indonesia. “The confluence of IoT and data analytics set the company apart in a manner, that it can transform the way very large companies function globally,” concludes Ben Mathias, Managing Director, Vertex Ventures, India.
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Bhasker is a Data Science evangelist and practitioner with proven record of thought leadership and incubating analytics practices for various organizations. With over 16 years of experience in the area of Business Analytics, he is well recognized as an expert within the industry. Earlier, Bhasker worked as Vice President at Goldman Sachs. He is B.Tech from Indian Institute of Technology, Varanasi and MBA from Indian Institute of Management, Lucknow.