Industrial AI Firm Detect Technologies Raises Funding of $12 Million

1353

The company said that it will utilise this capital to further expand and strengthen its sales and operations teams across India and international markets 

Detect Technologies, a Chennai-based industrial AI company, has raised $12 million in funding to enhance industrial productivity globally and strengthen its leadership in accelerating digitisation of the industrial sector. The round was led by Accel. Other participants included  existing investors Elevation Capital and continued support from other investors like Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures. Stride Ventures also participated as a venture debt partner.

The company said that it will utilise this capital to further expand and strengthen its sales and operations teams across India and international markets in North and South America, Singapore, Indonesia, Middle East, and Europe and to fulfil the accelerating demand for industrial automation. Part of the funds will also be deployed for R&D and product innovation in industrial AI and IoT.

Large-scale disruption in industrial technology

“Despite initiatives towards industrial automation and digitization, large conglomerates have seen limited success in generating tangible value on site. Industrial processes today are siloed and need significant human intervention, which is subject to error. The pandemic accelerated the adoption of automation, leading to large-scale disruption in industrial technology,” said Daniel Raj David, CEO and Co-founder of Detect Technologies.

Commenting on the funding, Barath Shankar Subramanian, Partner, Accel, said, “The industrial sector loses millions globally in revenue due to unplanned shutdowns, a result of lack of intelligent real-time data and insights to aid decision making. Detect is operating in this $200 billion+ market opportunity of industrial automation and real-time analytics to increase visibility over operations, the health of equipment, and the safety of workers. At Accel, we believe that the Detect team is well equipped to solve this problem, and we are excited to partner with them.”

“We remain extremely excited about Detect’s potential to redefine digitization and automation across industries; and have thus deepened our partnership in the current round”, said Mridul Arora, Partner, Elevation Capital.

Apoorva Sharma, Partner, Stride Venture, added, “Detect’s team has partnered with all the significant oil and gas companies in the sector and built innovative and cutting-edge solutions.”