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ExactSpace Technologies raises $1.4 Million

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ExactSpace Technologies raises $1.4 Million
03 Mar 2022
6 min read

News Synopsis

Industrial AI startup ExactSpace Technologies announced on Monday that it has raised $1.4 million in seed funding led by Thermax Limited. The funds will be used by ExactSpace to enhance the range of industrial solutions and expand its business to North America.

Pulse, a unique AI platform of ExactSpace, combines algorithms that learn machine behaviour with industry expertise that helps operators make accurate or 'Exact' decisions. With more than 60 factories worldwide, ExactSpace is well-positioned to play a key role in this $100 billion market opportunity.

Rahul Raghunathan, CEO of ExactSpace has said that the goal of the company is to build technology to enable the shift to a low-carbon economy. He further said that the company has seen the precision use and analysis of data in industries help move the needle in this direction and have been able to achieve these outcomes in thermal power, oil and gas and industrial sectors.

ExactSpace Technologies was founded in 2018 with a focus on accelerating the ongoing energy transition with deep domain AI solutions that help decarbonize industrial assets and eliminate unplanned outages.

ExactSpace solutions have recently been introduced to some of the largest industry groups. The groups were selected as part of the Shell E4 startup program "Digital Track" in 2021. With the support of Shell, ExactSpace is seeking collaboration that can contribute to the goal of decarbonization of the industry and the goal of Net Zero emission in India. It is also currently deploying a platform with the Indian Navy with the support of Forge Accelerator as part of the Defense Ministry's iDEX Innovation Program.