Enterprise software startup Detect Technologies on Wednesday said it raised $12 million in a fresh round of funding led by Accel.
The round also saw participation from existing investors Elevation Capital, Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures. Stride Ventures also participated as a venture debt partner in this round.
The fresh capital will be used to expand and strengthen its sales and operations teams across India and international markets in North and South America, Singapore, Indonesia, Middle East, and Europe. Part of the funds will also be deployed for research and development and product innovation.
Founded in 2016, Detect Technologies’ solutions help businesses improve their industrial productivity and ensure continuous industrial uptime.With the global pandemic and subsequent lockdowns, industrial companies have been eager to adopt automation solutions for enhanced productivity with minimal human interventions, the company 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. The pandemic accelerated the adoption of automation, leading to large-scale disruption in industrial technology,” said Daniel Raj David, chief executive officer and co-founder of Detect Technologies.
The startup’s client portfolio has grown to over 45 companies from 25, and its solutions have been implemented in more than 100 individual industrial sites globally.
“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 billion 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, Accel.
The company has expanded into six new international territories within 10 months. Its current portfolio includes prominent industrial giants, such as Shell, Tata Steel, ExxonMobil, Adani Group, Reliance, and several Fortune 500 companies.
“Detect Technologies has emerged as an industry pioneer as the world moves towards Industry 4.0. Their products have led to higher schedule certainty, enhanced resource visibility, reduced equipment failure, increased asset life, and lesser downtime. We remain extremely excited about Detect’s potential to redefine digitization and automation across industries,”said Mridul Arora, partner, Elevation Capital.
Detect’s software platform services clients across industries of oil and gas, petrochemicals, construction, steel, metals, chemicals, fertilizers, pharmaceuticals, power, renewables, and cement.
“Detect’s team has partnered with all the significant oil and gas companies in the sector and built innovative and cutting-edge solutions. We are thrilled to be associated with thought leaders like Detect Technologies and support them with our structured debt solutions,” said Apoorva Sharma, partner, Stride Venture.
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