Industrial AI Enterprise Detect Technologies Raises $12 Mn Funding The company plans to further expand its global footprint to fulfill the accelerating demand for industrial automation
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Industrial AI company Detect Technologies on Wednesday announced that it raised $12 million in funding to enhance industrial productivity globally and strengthen its leadership in accelerating the digitization of the industrial sector. Accel led this round with significant participation from existing investor Elevation Capital and continued support from other existing investors—Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures. Stride Ventures also participated as a venture debt partner.
The company will utilize this capital to further expand and strengthen its sales and operations teams across India and international markets in North and South America, Singapore, Indonesia, Middle East, and Europe and to fulfill the accelerating demand for industrial automation. Part of the funds will also be deployed for R&D and product innovation to strengthen Detect's lead in industrial AI and IoT.
"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. Our team seized this opportunity to spearhead industrial transformation and has achieved operational excellence with prominent industrial players. Detect's rapid revenue growth and global expansion reflect its ability to innovate and continuously deliver," said Daniel Raj David, chief executive officer, and co-founder, Detect Technologies.
Since its inception in 2016, Detect Technologies has grown rapidly to become a leading industrial AI and SaaS enterprise, improving industrial productivity and ensuring continuous industrial uptime.
"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," shared Barath Shankar Subramanian, partner, Accel.
With the global pandemic and subsequent lockdowns, industrial companies have been eager to adopt automation solutions for enhanced productivity with minimal human interventions. Consequently, Detect's client portfolio has grown from 25 to over 45 companies, and its solutions have been implemented in 100 individual sites globally. The company has also expanded into 6 new international territories within 10 months—a testimony to recurring client preferences and strong references in the industrial landscape. Its current portfolio includes prominent industrial giants, such as Shell, Tata Steel, ExxonMobil, Adani Group, Reliance, and several Fortune 500 companies. These span across sectors such as oil and gas, petrochemicals, construction, steel, metals, chemicals, fertilizers, pharmaceuticals, power, renewables, and cement.
"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," explained Mridul Arora, partner, Elevation Capital.
"Detect is a pioneer in asset integrity monitoring and predictive maintenance. The team has partnered with all the significant oil and gas companies in the sector and built innovative and cutting-edge solutions. We are thrilled to be associated with thought leaders like Detect Technologies and support them with our structured debt solutions," added Apoorva Sharma, partner, Stride Venture.