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AI-based SaaS enterprise Detect Technologies raised USD 28 Mn in its latest funding round led by Prosus Ventures. Existing investors like Accel and Elevation Capital, Shell Ventures, Bharat Innovation Fund and Bluehill Capital also participated in the latest funding round.
The Chennai- based startup will utilise the fresh capital to further expand and strengthen its sales and operations across international markets in North America and Europe. Operating in the fast-evolving space of AI, the company has also allocated funds for enriching its product suite.
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“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.
Detect has created a vast library of AI applications that mine out actionable insights from structured and unstructured data. These insights have helped industries improve workplace safety, monitor work processes effectively, increase the visibility of external risks on their infrastructure, and improve productivity.
“At Prosus Ventures, we are committed to back SaaS companies building truly unique solutions to solve real-world problems at scale. We are excited to participate in Detect’s next phase of growth and work closely with the founders to support their ambition to become global leaders in industrial automation solutions,” said Ashutosh Sharma, Head of Investments, India, at Prosus Ventures.