ExactSpace Technologies raises $1.4 million in seed funding

Industrial AI startup ExactSpace Technologies announced, it has raised $1.4 million (INR 10 Cr) in seed funding led by Thermax Limited. ExactSpace will use the funds to strengthen its suite of industrial solutions and expand its operations to North America.

ExactSpace Technologies was founded in 2018. With the sole focus of accelerating 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 that ‘learn’ about machine behaviour with expert knowledge of the industries.

They deployed it 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.

“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 a 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 in some of the largest industrial groups. They were selected to be a part of the “digital track” of the Shell E4 startup program in 2021.

With support from Shell, ExactSpace is exploring collaborations that could help contribute to 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 the Ministry of Defense’s innovation program iDEX.

About Thermax

Thermax Limited is an energy and environment solutions provider. It is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.

Thermax has manufacturing facilities in India, Europe and Southeast Asia. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources.

About ExactSpace

ExactSpace is an Industrial AI company that enables decarbonization and asset uptime outcomes for the energy, cement and steel industries. Its AI platform Pulse assists plant teams to make accurate decisions.

By providing early/predictive warnings, expert diagnostics and prognostics for minimizing carbon footprint and maximizing asset uptime.