Chennai-based AI startup Detect Technologies has raised $12 million in an investment round led by Accel. Existing investors Elevation Capital, BlueHill Capital, Axilor Ventures, and Bharat Innovation Fund have also participated in the round. Stride Ventures has chipped in as a venture debt partner.
“Detect Technologies is operating in this $200 billion plus market opportunity of industrial automation and real-time analytics to increase visibility over operations, the health of equipment, and the safety of workers,” said Barath Shankar Subramanian, Partner at Accel.
The AI-based startup plans to use the freshly raised funds to enhance its industrial productivity. It will further use the funds to expand and strengthen its sales and operations teams in India as well as in its international markets– North America, South America, Singapore, Indonesia, Middle East and Europe. A part of the fund will be deployed for research and development, and project innovation to bolster Detect Technologies’ industrial AI and IoT.
In a press statement, Daniel Raj David, CEO and Co-founder of Detect Technologies said, “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.”
Founded in 2016 by Daniel Raj David, Harikrishnan AS, and Tarun Mishra, Detect Technologies was incubated at IIT Madras. The startup is on a mission to re-engineer and automate industrial processes, deliver maximum and sustained industrial productivity, and accelerate the path to Industry 4.0. The startup harnesses AI, advanced robotics, IoT-enabled sensors, AR/VR and computer vision to connect and unify data, workforce, equipment and processes.
With more than 130 employees, Detect Technologies has offices in Singapore and Mumbai. The clientele includes Shell, Tata Steel, ExxonMobil, Adnani Group, Reliance, and other Fortune 500 companies. In the last 10 months, Detect Technologies has expanded to six new territories.