The Silicon Valley-based company also announced that it logged more than one million sensor measurements comprising of 18 billion vibration readings.

Petasense helps customers monitor machines using vibration, the "heart beat" of industrial machines. It has developed a patent-pending wireless sensor called the Vibration Mote. The Mote, together with cloud software and machine learning analytics, helps with condition monitoring and asset reliability. Industrial customers are able to monitor, assess and predict the health of their critical assets and detect imminent machine failures before they occur.

Asset reliability - particularly of rotating machines such as motors, pumps and compressors - is important for industrial customers across all verticals including power generation, oil and gas, food and beverage, pharmaceuticals and critical facilities. According to McKinsey's report "Unlocking the potential of the Internet of Things", predictive maintenance is the biggest use case for IoT across all sectors. It is expected to have a potential economic impact of up to $3.7 trillion a year by 2025.

"We founded Petasense with the vision of making industrial machines smarter," said Abhinav Khushraj, cofounder and CEO of Petasense. "Petasense offers an end-to-end solution that combines sophisticated sensors with predictive maintenance software in order to create an easy, intuitive and seamless user experience."

Today, most industries are looking to move from a run-to-failure or a time-based preventive maintenance model to a condition-based predictive maintenance model. Petasense technology makes the transformation to predictive maintenance incredibly easy and cost effective. Powered by advanced machine learning, Petasense is able to significantly reduce downtime by providing actionable intelligence about asset anomalies and deviations against established baselines.

"Even a one percent downtime could translate to millions of dollars in lost production," said Petasense cofounder, Arun Santhebennur. "Our goal is to deliver a strong ROI by eliminating unplanned downtime and unnecessary preventive maintenance. Using our predictive maintenance software, customers are able to get real-time insights into their asset health without the need for manual analysis."

"Petasense is already delivering on the promise of industrial IoT to its growing customer base," said Om Malik, partner at True Ventures. "The opportunity in industrial is huge and I'm excited to be a part of this journey." Leading angel investors Trae Vassallo and Gokul Rajaram have also invested in the company.

Cofounders, Khushraj and Santhebennur, have 25 years of combined experience in building enterprise companies, with degrees from MIT and IIT. The company's growing portfolio of clients now includes JLL, C&W Services, Silicon Valley Power and Stanford University.