ExactSpace Technologies announced it has raised USD 1.4 million in its seed round led by Pune-based Thermax Limited. ExactSpace will use the funding to grow its operations in the US as well as to build its batch of industrial solutions. 

The industrial solutions provider was founded in 2018 by Rahul Raghunathan and Arun Jose for decarbonisation and asset uptime outcomes for companies in the energy, steel and cement companies. The company focused on helping energy companies transition using deep AI solutions. 

“With Thermax, we not only share a common vision of a sustainable future but see an ideal opportunity to create widespread impact with thousands of its customers spread across 90+ countries. This partnership goes beyond the capital,” CEO of ExactSpace Rahul Raghunathan said.

The company’s AI platform Pulse brings solutions to their clients that combine machine learning and industry knowledge. 

“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,” CEO and MD of Thermax Limited Ashish Bhandari said.