Detect Technologies, touted as India’s fast-growing industrial AI company, announced raising $12 million in its latest funding round that will be used to further expand and strengthen its sales and operations teams across India and international markets.
The funding round was led by global venture capital firm Accel with significant participation from existing investor Elevation Capital, and continued support from other existing investors—Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures.
Established in 2016, Detect Technologies creates unique platforms powered by deep-tech – novel AI architecture and hardware. It employs state-of-the-art proprietary technologies and deep industry expertise to increase overall industrial productivity.
The company said its technologies help industrial productivity through increased schedule certainty, enhance resource visibility via real-time intelligent monitoring, decreased in-service equipment failure, and increase increased estimated life of an asset through predictive maintenance and automation of compliance to standards.
“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,” said Daniel Raj David, CEO and Co-founder of Detect Technologies.
Detect currently serves 10 key industries – oil and gas, petrochemicals, steel, metals, chemicals, fertilizers, pharmaceuticals, power, renewables, and cement, among others.
Its client portfolio has grown from 25 to over 45 companies, and its solutions have been implemented in more than 100 individual sites globally.
In a statement, the company said it will utilize the fresh funding to further expand and strengthen its sales and operations teams across India and international markets in North and South America, Singapore, Indonesia, Middle East, and Europe and to fulfill the accelerating demand for industrial automation.
Part of the funds will also be deployed for R&D and product innovation to strengthen Detect’s lead in industrial AI and IoT.
“The industrial sector loses millions globally in revenue due to unplanned shutdowns, a result of lack of intelligent real-time data and insights to aid decision making. Detect is operating in this $200 Bn+ 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.