AI-based SaaS (software-as-a-service) startup Detect Technologies has raised $28 million in series B funding round led by Prosus Ventures with participation from existing investors Accel and Elevation Capital.
The round also saw participation from other existing investors Shell Ventures, Bharat Innovation Fund, and Bluehill Capital.
The company plans to use the funds to further expand and strengthen its sales and operations in international markets in North America and Europe. It will also use the funds to enrich its product suite to remain relevant in the rapidly evolving artificial intelligence (AI) sector.
The Chennai-based Detect Technologies was founded in 2013 by Daniel Raj David, Harikrishnan A.S and Tarun Mishra, It provides industries with cloud-based applications to automate and enhance the visibility of industrial risks and improve productivity.
“Our vision is to provide actionable intelligence to help industries mitigate their risks while achieving their business objectives sustainably. I am happy that our customers are reporting fewer HSE incidents and reduced unplanned downtimes with increased productivity levels. We are grateful for the confidence bestowed upon us by our investors, and look forward to accelerating our market expansion,” said, Daniel Raj David, CEO and Co-founder of Detect Technologies.
The company plans to expand its customer base in North America and has signed multi-year global contracts with Fortune 500 industries.
“Frontline worker safety and asset productivity are massive unsolved global problems, with significant financial and ESG-related implications. Detect team has done a phenomenal job in building a machine learning-based, plug-and-play cloud solution to automate the detection of safety violations on a near real-time basis, which is reflected in their market leadership, quality of logos and the recent as well as expected scale up in the business”, said, Ashutosh Sharma, Head of Investments, India at Prosus Ventures.
Companies across industries are actively seeking comprehensive solutions to automate their risk identification and reporting tasks. Detect Technologies helps its growing global client portfolio with increased visibility and actionable insights, helping them reduce their non-compliance to boost productivity and throughput.
About Detect Technologies
Detect Technologies is a leading Industrial AI company that is building innovative solutions and cutting-edge technology for the industrial ecosystem. At Detect, their mission is to re-engineer and automate industrial processes, deliver maximum and sustained industrial productivity, and accelerate the path to industry 4.0
Their broad portfolio of patented technology and AI solutions are indigenously researched and designed with the customer in mind. They unite data, workforce, equipment, and processes to solve complex industrial problems that were previously unsolvable. With the vision of making industries safe and efficient, they are a team of passionate people working together to build state-of-the-art technology and lead a new era of industrial technology.
Founded in 2016, Detect Technologies meets the highest industry standards of safety and compliance and builds solutions for various asset-intensive industries like oil and gas, petrochemicals, power, fertilizers, metals, pharmaceuticals, renewables, and more. With machine vision, sensors, robotics, and machine learning, they aim to bring complete industrial automation through patented hardware and industrial AI. Serving clients across 6 regions, they have over 25 IPs and trademarks and have successfully deployed solutions across 100 sites globally.
Detect Technologies is trusted by some of the biggest enterprises like Shell, ExxonMobil, Adani Group, Reliance Industries, Vedanta, Aditya Birla Group, GAIL, LOTTE, Hindustan Petroleum, Indian Oil, Cipla, and many more.