Industrial AI Startup Detect Technologies Raises $28 Mn Funding
Detect Technologies, an industrial artificial intelligence (AI) startup, has raised $28 Mn as part of its Series B funding round led by Prosus Ventures.
The funding round also saw participation from existing investors Accel, Elevation Capital, Shell Ventures, Bharat Innovation Fund and Bluehill Capital.
As per the startup, the raised funds will be used to further expand and strengthen its sales and operations across international markets in North America and Europe. Part of the raised funds will also be allocated for enriching its product suite to stay relevant in the fast-evolving artificial intelligence (AI) sector.
Detect Technologies | Maximizing Industrial Performance
Founded by Daniel Raj David, Tarun Mishra, Harikrishnan AS, Karthik R, and their professor Krishnan Balasubramanian, Detect Technologies is a leading Industrial AI startup building innovative solutions and cutting-edge technology for the industrial ecosystem.
The software-as-a-service (SaaS) startup combines AI, IoT and hardware to provide cloud-based applications to industries to automate and enhance the visibility of industrial risks and improve productivity.
Speaking about the development, Daniel Raj David, CEO and Co-founder of Detect Technologies, said,
“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.”
The startup is working with a vision to re-engineer and automate industrial processes, deliver maximum and sustained industrial productivity, and accelerate the path to industry 4.0.
Despite the funding slowdown, many SaaS startups have continued raising funds in 2022. Indian SaaS startups are expected to clock an overall revenue of $116 Bn by 2026, as per a report by venture capital (VC) firm Chiratae and consultancy company Zinnov.