Industrial AI startup ExactSpace Technologies has announced that it has raised $1.4 million (INR 10 Cr) in seed funding led by Thermax Limited. The funds will be used by ExactSpace to strengthen its suite of industrial solutions and expand its operations to North America.
ExactSpace Technologies was founded in 2018 with the aim to accelerate the ongoing energy transition using deep-domain AI solutions that help decarbonize industrial plants and eliminate unplanned failures. The startup’s proprietary AI platform Pulse combines algorithms which ‘learn’ about machine behaviour with extensive knowledge of the industry it is deployed in to help operators make accurate or ‘Exact’ decisions.
“Deployed at over 60 plants globally, ExactSpace is well positioned to play an integral role in this $100+ Bn market opportunity,” claims the company.
“At ExactSpace, our goal was to build technology to enable the shift to a low-carbon economy. We’ve seen that precision use and analysis of data in industries help move the needle in this direction and we’ve been able to achieve these outcomes in the thermal power, oil & gas and industrial sectors.”, said Rahul Raghunathan, CEO of ExactSpace.
“With Thermax, we not only share a common vision of a sustainable future but see an ideal opportunity to create widespread impact with thousands of its customers spread across 90+ countries. This partnership goes beyond the capital.” he added.
Speaking on the partnership, Ashish Bhandari, MD & CEO, Thermax, said, “Our investment in ExactSpace is a step to augment our digital capabilities. The expertise of ExactSpace in AI and IoT solutions for the energy segment will enable Thermax to deliver superior customer support and increase our share of service offerings.”
ExactSpace solutions have recently been deployed at some important Industrial groups. They were selected to be a part of “digital track” of the Shell E4 startup program in 2021. With support from Shell, ExactSpace is exploring collaborations that could help contribute to the Industrial decarbonisation and India’s Net zero targets. It is also currently deploying its platform with the Indian Navy, supported by Forge Accelerator as part of Ministry of Defense’s innovation program iDEX.
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