Thermax leads a $1.4 million seed round for ExactSpace Technologies.

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Pulse, a proprietary AI platform from ExactSpace Technologies, blends algorithms that “learn” from machine behaviour with professional knowledge of the sector to assist operators in making informed decisions.

ExactSpace Technologies, an industrial AI firm, revealed on Monday that it had raised $1.4 million (Rs 10 crore) in seed funding sponsored by Thermax Limited. ExactSpace will use the funding to improve its industrial solutions and expand its operations to North America.

Pulse, the company’s proprietary AI platform, mixes algorithms that “learn” about machine behaviour with expert knowledge of the industry in which it is used to assist operators in making correct or “exact” judgments. ExactSpace is ideally positioned to play a key part in this $100 billion market opportunity, with over 60 factories worldwide.

“Our investment in ExactSpace is a step to strengthen our digital capabilities,” stated Ashish Bhandari, MD and CEO of Thermax. Thermax will be able to provide greater customer assistance and enhance our share of service offerings because of ExactSpace’s expertise in AI and IoT solutions for the energy sector.

ExactSpace Technologies was created in 2018 with the goal of expediting the ongoing energy transition by developing deep-domain AI solutions that enable industrial plants to decarbonize and minimise unplanned failures.

At ExactSpace, our mission was to develop technologies that would facilitate the transition to a low-carbon economy. We’ve seen how precise data analysis and utilisation in businesses can help move the needle in this direction, and we’ve been able to achieve these results in the thermal power, oil and gas, and industrial sectors,” said ExactSpace CEO Rahul Raghunathan.

He continued, “We not only share the same vision of a sustainable future with Thermax, but we also see an exceptional potential to generate widespread effect with thousands of its clients scattered throughout 90+ countries.” This collaboration isn’t just about money.

ExactSpace solutions have lately been implemented at some of the world’s most prestigious industrial conglomerates. They were chosen to participate in the Shell E4 startup program’s “digital track” in 2021. Thanks to Shell’s backing, ExactSpace is exploring collaborations that could assist in contributing to industrial decarbonisation and India’s Net Zero ambitions. It is also deploying its platform with the Indian Navy, with Forge Accelerator’s help, as part of the Ministry of Defense’s iDEX innovation programme.

Benjamin Turner

Benjamin Turner is a journalism graduate with keen interest in covering Technology news – specifically wall street business. He has as a keen eye for technologies and has predicted quite a few successful startups over the last couple of years. Benjamin goal with this website is to report accurately on all kinds of stock news, and have a great deal of passion for Technology news reporting. Benjamin is diligent and proactive when it comes to Technology news reporting.

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