The investment is expected to be completed by the end of August; TVS Motor Company will help Predictronics deliver its predictive analytics solutions.
TVS Motor (Singapore) Pte, a wholly-owned subsidiary of TVS Motor Company, has invested $3.2 million (Rs 22.8 crore at current exchange rate) in Predictronics Corp., a US-based maintenance analytics firm.
As per their agreement, Chennai-headquartered two-wheeler maker will help Predictronics deliver its solutions, which are based on artificial intelligence and industrial Internet of Things.
Rajesh Narasimhan, TVS Motor (Singapore) CEO and TVS Motor Company board member, said the company evaluated several firms across the world before deciding on Predictronics.
The Cincinnati-based startup’s PDX platform collects and analyses big data with a goal of reducing unplanned downtime, increasing productivity and improving product quality, Narasimhan added.
TVS Motor Co. uses its Singapore unit to invest in digital technology startups focused on the automotive and financial technology industries.
What this funding means for Predictronics?
Predictronics co-founder and chief executive Edzel Lapira said the investment by TVS would help the company in improving its technology, deployment strategy, business model and go-to-market.
The investment is expected to be completed by the end of August.
Through more than 50 projects, Predictronics says it has delivered impacts to companies across sectors such as manufacturing, transportation, energy and industrial equipment.
It has helped these companies, many of which are Fortune 500 companies, saved tens of thousands of dollars by preventing unplanned downtime and waste, as well as increasing efficiency and productivity.