AI-based SaaS startup Detect Technologies has raised US$28 million in a primary and secondary funding round led by Prosus Ventures, along with significant participation from existing investors Accel and Elevation Capital.
The round also joined the likes of other existing investors, including Shell Ventures, Bharat Innovation Fund, and Bluehill Capital. Daniel Raj David, Harikrishnan A.S., Tarun Mishra, and Karthik Rajasekaran co-founded the startup in 2013.
Detect Technologies is an enterprise tech SaaS startup that provides intelligence to Industries for mitigating high-consequence risks through a suite of cloud-based AI-powered applications.
The platform has created a vast library of AI applications that mine actionable insights from structured and unstructured data. The company says that these insights have helped industries improve workplace safety, monitor work processes effectively, increase the visibility of external risks on their infrastructure, and improve productivity.
The raised capital will be used to further expand and strengthen its sales and operations across international markets in North America and Europe, the company said.
"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 report fewer HSE incidents and reduced unplanned downtimes with increased productivity. 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 & Co-founder of Detect Technologies.
Speaking on the investment, Ashutosh Sharma, Head of Investments, India, at Prosus Ventures, said, "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 the 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."
Detect Technologies says it will be expanding its customer base in North America. The company has established a presence in Houston, TX, as its North American headquarters and has signed multi-year global contracts with Fortune 500 industries, it said.
As the Industries are actively exploring comprehensive solutions to automate risk identification and reporting functions. Detect claims its 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, it adds.
"Detect has been at the forefront of solving these issues in large installations for 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 at Accel.
In addition to Chennai, the startup also has its offices in Mumbai and Singapore
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.