Detect Technologies, an artificial intelligence (AI)-based software as a service (SaaS) enterprise in India, announced Thursday that it has raised $28 million in primary and secondary funding.
Prosus Ventures led this round with significant participation from existing investors Accel and Elevation Capital, and continued support from other existing investors—Shell Ventures, Bharat Innovation Fund and Bluehill Capital, Detect Technologies said in a statement.
The company will utilize this 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.
“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,” said Daniel Raj David, Chief Executive Officer and Co-Founder of Detect Technologies.
Detect Technologies provides cloud-based applications to industries to automate and enhance visibility of industrial risks and improve productivity. The firm has grown rapidly to become a leading industrial AI and SaaS enterprise.
“Frontline worker safety and asset productivity are massive unsolved global problems, with significant financial and environmental, social, and governance (ESG)-related implications. Detect Technologies team has done a phenomenal job in building a machine learning based, plug and play cloud solution to automate detection of safety violations on a near real-time basis, which is reflected in their market leadership, quality of logos and the recent as well as expected scale up in the business,
“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 Technologies’ 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.
According to the statement, industries are actively exploring comprehensive solutions to automate their risk identification and reporting functions, and Detect Technologies ‘s client portfolio is growing globally across various industrial sectors. Increased visibility and actionable insights are helping organizations reduce their non-compliance to boost productivity and throughput.
“The industrial sectors have historically been challenged with lack of real-time data and insights to mitigate safety issues and loss of revenue from unplanned shutdowns. Detect Technologies has been at the forefront of solving these issues in very large installations for very large customers, globally,
“At Accel, we continue to remain excited with the strides that the company has made in the year since we partnered with them and continue to deepen this relationship,” said Barath Shankar Subramanian, Partner, Accel.
According to the statement, Detect Technologies will be expanding their customer base in North America. The company has established a presence in Houston, Texas as their North American headquarters and have signed multi-year global contracts with Fortune 500 industries.
“We’re delighted to further cement our relationship with Detect in the next phase of their journey. Not only do they have a world-class tech platform, they have also supplemented it with a strong execution muscle,
“Their enterprise wide partnerships with Shell and multiple other global conglomerates are testimony to the quality of their solution and the high regard the industry holds them in. We are sure that the best is yet to come for Daniel, Tarun and team Detect Technologies,” said Mridul Arora, Partner, Elevation Capital.
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