Industrial AI startup Detech Technologies on Wednesday said it raised $12 million in funding led by Accel Partners with significant participation from existing investor Elevation Capital.
Existing investors, including Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures, also participated in the round, while Stride Ventures was the venture debt partner.
In a statement, Detect Technologies will use the investment to enhance industrial productivity globally and strengthen its leadership in accelerating the digitisation of the industrial sector. The startup said it will also use a portion of the funds for R&D and product innovation.
It also aims to expand and strengthen its sales and operations teams across India and in North and South America, Singapore, Indonesia, the Middle East, and Europe to fulfil the accelerating demand for industrial automation.
Speaking on the development, Daniel Raj David, CEO and Co-founder, Detect Technologies, said,
“Despite initiatives towards industrial automation and digitisation, 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."
The startup has a wide portfolio of industrial AI and IoT offerings. For example, its product T-Pulse — an end-to-end industrial project management solution — optimises shutdowns, turnarounds, daily operations, and construction processes.
Barath Shankar Subramanian, Partner, Accel, said, “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.”
Detect has expanded into six new international territories within 10 months across sectors, including oil and gas, petrochemicals, construction, steel, metals, chemicals, fertilisers, pharmaceuticals, power, renewables, and cement.
Detect’s client portfolio has grown from 25+ to over 45 companies, and its solutions are implemented in 100+ individual sites globally. Its current portfolio includes industrial giants like 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; and have thus, deepened our partnership in the current round,” said Mridul Arora, Partner, Elevation Capital.
Edited by Suman Singh
Link : https://yourstory.com/2021/06/funding-ai-startup-detect-technologies-accel-partners-elevation-capital
Author :- Sindhu Kashyaap ( )
June 30, 2021 at 06:00AM
YourStory