DeTect technologies will utilise investment for creating manufacturing capability for mass production of Noctua and Gumps
Indian robotic start-up DeTect Technologies has raised US$ 3.3 million (around Rs 23.6 crore) from venture and growth capital fund SAIF Partners in Series A round of investment, marking the venture capital fund’s third such funding in the Internet of Things (IoT) space.
DeTect Technologies’ current investors Axilor Ventures, Bharath Innovation Fund and BlueHill Capital also participated in the recent round of funding, the robotic startup said in a statement.
The Chennai-based startup, which develops intelligent asset monitoring and inspection solutions, was founded in 2016 by Indian Institute Technology (IIT)-Madras alumni Daniel Raj David, Karthik R, Tarun Mishra and Harikrishnan AS, along with Professor Krishnan Balasubramanian.
In the fiscal 2017-18, the start-up registered a loss of Rs 1.6 crore on the revenue of Rs 46 lakh from sale of services, according to its regulatory filing.
DeTect technologies will utilise the investment for expansion in international markets and for creating manufacturing capability for mass production of its two major products, Noctua and Gumps.
Catering to energy sector
Noctua is an industrial drone that is used for inspecting large-volume assets such as boilers and stacks, whereas is a sensor that is used to detect corrosion and leakages in oil and gas pipelines. The sensor can also create real-time reports.
The startup uses its products to cater to the requirements of energy sector where pipelines and other big assets require remote monitoring and inspection for leakages.
The company has around 40 clients that include Hindustan Petroleum Corp, Bharat Petroleum Corp, Tata Group and Reliance Industries. It is also in discussion with various international clients in Singapore, Canada, Malaysia, Europe and the US.
The IoT field is rapidly becoming a key sector of investment for SAIF Partners, which had invested in SenseHawk, a drone SaaS startup, in September. Earlier, it had invested in Haber Water.