IIT-M AI Startup DeTect Technologies Raises $12 Million
IIT-Madras incubated industrial AI startup DeTect Technologies has raised $12 million in funding in a round led by Accel with participation from existing investors Elevation Capital, Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures. Venture debt fund Stride Ventures also participated.
The startup stated it will utilize this capital to further expand and strengthen its sales and operations teams across India and global markets of North and South America, Singapore, Indonesia, Middle East, and Europe in order to fulfil the increasing demand for industrial automation. Part of the funds will also be used for R&D and product innovation.
DeTect is an industrial AI and SaaS enterprise whose proprietary technology helps increase overall industrial productivity through real-time intelligent monitoring, decreased equipment failure, and through predictive maintenance and automation, among others. The startup’s clientele spans across oil and gas, petrochemicals, construction, steel, metals, chemicals, and other sectors and has grown from 25+ to over 45 companies.
The company has also expanded into six new international territories within 10 months. Its customers include Shell, Tata Steel, ExxonMobil, Adani Group, Reliance, and several other Fortune 500 companies.
Daniel Raj David, CEO and Co-founder of DeTect Technologies expressed the pandemic has accelerated the adoption of automation, leading to large-scale disruption in industrial technology. With the lockdowns, industrial companies have been eager to adopt automation for enhanced productivity with minimal human interventions.