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Detect Technologies, a company specializing in industrial AI, has raised $12 million in a round led by Accel Partners and Elevation Capital. According to the company’s statement, the money will be used to enhance worldwide industrial efficiency and extend the company’s position as a leader in industrial digitalization. The firm provides a wide range of AI and IoT solutions for the industrial sector.
Detect Technologies, an industrial AI startup, has said that it has raised $12 million in a funding round led by Accel Partners with participation from Elevation Capital. Other participants include Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures. The venture debt partner was Stride Ventures.
According to the company’s statement, it will utilize the funds to boost global industrial efficiency and expand its position as a pioneer in industrial digitization. A part of the cash will be used for R&D and product development.
To meet the growing need for industrial automation, it also plans to develop and enhance its sales and operations teams in India, North and South America, Singapore, Indonesia, the Middle East, and Europe.
“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.”Daniel Raj David, CEO, and co-founder, Detect Technologies
The company offers a diverse range of industrial AI and IoT solutions. T-Pulse, for example, is an end-to-end industrial project management solution that streamlines shutdowns, turnarounds, everyday operations, and construction.
“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. At Accel, we believe that the Detect team is well equipped to solve this problem, and we are excited to partner with them.”Barath Shankar Subramanian, a partner at Accel
Oil and gas, petrochemicals, construction, steel, metals, chemicals, fertilizers, pharmaceuticals, electricity, renewables, and cement are among the industries where Detect has grown into six new foreign territories in the last ten months.
“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; and have thus, deepened our partnership in the current round.”Mridul Arora, a partner at Elevation Capital
Detect’s customer list has expanded from 25 to over 45 organizations, and its products are used in over 100 different locations worldwide. Shell, Tata Steel, ExxonMobil, Adani Group, Reliance, and numerous Fortune 500 firms are among its current portfolio.