Detect Technologies, an ‘Industrial AI’ company, has raised $12 million in an additional round of funding to enhance industrial productivity globally and strengthen its leadership in accelerating the digitisation of the industrial sector.
Accel led this round with significant participation from existing investor Elevation Capital, and from other existing investors – Bharat Innovation Fund, BlueHill Capital and Axilor Ventures. Stride Ventures also participated as a venture debt partner.
The company will utilise the 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. It will also use part of the fund to fulfil the accelerating demand for industrial automation.
A portion of the funds will also be deployed for research and development (R&D) and product innovation to strengthen Detect’s lead in industrial AI and IoT.
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-plus to over 45 companies, and its solutions have been implemented in over 100 individual sites globally.
The company has also expanded into 6 new international territories within 10 months.
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, fertilisers, pharmaceuticals, power, renewables, and cement.
“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,” said Daniel Raj David, CEO and Co-founder of Detect Technologies.
“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,” he added.
Commenting on the funding, 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 plus 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 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 digitisation and automation across industries; and have thus deepened our partnership in the current round,” said Mridul Arora, Partner, Elevation Capital.
Founded in 2016, Detect Technologies has a wide portfolio of industrial AI and IoT offerings. T-Pulse™, for instance, is an end-to-end industrial project management solution that optimises shutdowns, turnarounds, daily operations, and construction processes. Built to provide safe, compliant, and efficient management of industrial projects and turnarounds, the venture claims its deployment has resulted in multimillion dollars’ worth of savings.
Other cutting-edge solutions include GUMPS™, a long-range IoT sensor for real-time pipeline integrity monitoring at high temperatures that predicts pipe failure in advance, and Noctua.AI™, an enterprise AI solution to optimise plant and asset performance holistically.
Apoorva Sharma, Partner, Stride Venture, added, “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.”