Detech Technologies, an Industrial AI startup announced that it raised $12 million in its funding round led by Accel Partners along with participation from existing investor Elevation Capital.
Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures, which are the company’s existing investors, also participated in the round. Stride Ventures was their venture debt partner.
These new funds will be used to improve their industrial productivity globally and strengthen the leadership in accelerating the digitization of the industrial sector. A portion of these funds will also be used for R&D and product innovation.
Detect Technologies wish to expand and strengthen their sales and operations teams across India and in North and South America, Indonesia, Singapore, the Middle East, and Europe to fulfil the demand for industrial automation.
Daniel Raj David, CEO and Co-founder, Detect Technologies, said, “So far, large conglomerates have experienced limited success in generating tangible value on site. Industrial processes today are isolated and need humans to intervene, which is subject to error. Due to the pandemic, there has been an increase in the adoption of automation, which has lead to large-scale disruption in industrial technology.”
Detect Technologies have a wide range of industrial AI and IoT offerings. T-Pulse is their end-to-end industrial project management solution product, which optimizes shutdowns, daily operations, turnarounds, and construction processes.
Barath Shankar Subramanian, Partner, Accel, said, “Detect is operating in a market of industrial automation and real-time analytics, which is worth $200 billion, to increase their visibility over operations, the health of equipment, and the safety of workers. We are sure that the Detect team is well equipped to solve this problem, and will support them throughout.”
Detect is spread into six new international territories within 10 months across sectors like oil and gas, construction, petrochemicals, steel, fertilisers, metals, chemicals, pharmaceuticals, power, renewables, and cement.
Detect’s client base has increased from 25 to 45 companies and is used in 100+ individual sites globally. Some of the industrial giants it caters are Shell, Tata Steel, ExxonMobil, Adani Group, Reliance, and several Fortune 500 companies.
“Detect’s products have led to enhanced resource visibility, higher schedule certainty, increased asset life, reduced equipment failure, and lesser downtime. We believe in their potential to redefine digitization and automation across industries,” said Mridul Arora, Partner, Elevation Capital.