Flutura Decision Sciences and Analytics (Flutura), the Industrial Internet-of-Things (I-IoT) company today announced a fund raise of $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.
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 weare 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."
Flutura co-founders, Krishnan Raman, Derick Jose and Srikanth Muralidhara, collectively have more than six decades of experience in the industrial engineering and advanced analytics space. A rapid learning curve achieved by working with some of the world’s most cutting edge industrial companies and learning from fluctuating market dynamics has helped refine their approach to customer acquisition. Flutura had earlier received a seed fund from the Palo Alto based Hive, who is focused on the big data and analytics space. Arihant Patni, Managing Director, The Hive India, said, “We placed our bets on the founding team and are delighted at what has been achieved. We welcome Vertex and Lumis to help power Flutura into the next orbit of global growth”.