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Flutura Business Solutions, a Bengaluru and Houston, Texas company that provides big-data analytics to large industrial companies, has raised $7.5 million in its first major round of funding, the startup said in a press release on Monday.
The money will help Flutura further develop its flagship product Cerebra, which provides diagnostics and predictive solutions for maintaining industrial equipment and running related operations, Flutura said in its release. The startup counts Henkel, Stewart & Stevenson and Sodexo among its customers and partners with Hitachi Hi-Technologies.
“Digitalisation is disrupting fundamental process and product design, transforming business models,” Krishnan Raman, CEO and co-founder of Flutura said in the release.
The investment was led by the South East Asia unit of Vertex Ventures, based in Singapore, which invests in early-stage IT and health care startups. Lumis Partners, which has its Indian office in Gurugram, also invested in this round. Lumis Partners invests in Industrial IoT, product lifecycle management, supply chain and people management related startups.
From airports to oil rigs to large factories, data collected using millions of sensors is expected to help companies provide better service, maintain equipment in a better state of repair and cut down the cost of doing so. Startups such as Flutura are building solutions that make these tasks more scientific and data-driven.
Flutura was founded in 2012 by co-founders Krishnan Raman, Derick Jose and Srikanth Muralidhara and has operations in Palo Alto, Houston, Tokyo and Bengaluru, and is a Microsoft Accelerator alumnus, according to the press release. The startup was seed-funded by Palo Alto-based Hive, which invests in big-data analytics ventures.