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Industrial AI enterprise Detect Technologies raises $28mn in Series B funding led by Prosus Ventures
News provided byDetect Technologies
Jul 14, 2022, 6:00 AM ET
The company gears to further expand its global footprint to fulfil the accelerating demand for industrial automation
CHENNAI, India, July 14, 2022 /PRNewswire/ -- Detect Technologies, a leading AI-based SaaS enterprise, announced today that it raised $28 Mn in primary and secondary funding. Detect Technologies provides cloud-based applications to industries to automate and enhance visibility of industrial risks and improve productivity. 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 has grown rapidly to become a leading industrial AI and SaaS enterprise. 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, CEO and Co-founder of Detect Technologies.
Ashutosh Sharma, Head of Investments, India, at Prosus Ventures, shared, "Frontline worker safety and asset productivity are massive unsolved global problems, with significant financial and ESG-related implications. Detect team has done a phenomenal job in building a machine learning based, plug & 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's next phase of growth and work closely with the founders to support their ambition to become global leaders in industrial automation solutions."
Industries are actively exploring comprehensive solutions to automate their risk identification and reporting functions. Detect'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 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," added Barath Shankar Subramanian, Partner, Accel.
Detect will be expanding their customer base in North America. The company has established a presence in Houston, TX as their North American headquarters and have signed multi-year global contracts with Fortune 500 industries.
Mridul Arora, Partner, Elevation Capital, shared, "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."
About Detect Technologies
Detect Technologies is an enterprise tech SaaS company that provides intelligence to Industries for mitigating high-consequence risks through a suite of cloud-based AI powered applications. Detect has created a vast library of AI applications that mine out actionable insights from structured and un-structured data. These insights have helped industries improve workplace safety, monitor work processes effectively, increase visibility of external risks on their infrastructure, and improve productivity.
Website link: www.detecttechnologies.com
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SOURCE Detect Technologies