The round was led by Prosus Ventures, with participation from Accel, Elevation Capital, Shell Ventures, Bharat Innovation Fund, and Bluehill Capital.
The startup will also use the funding to shore up its product suite. The Chennai-based startup had last raised $12 Mn in funding led by Accel in June last year.
Industrial artificial intelligence (AI) startup Detect Technologies has raised $28 Mn as part of its Series B funding round led by Prosus Ventures, with significant participation from existing investors Accel and Elevation Capital.
Other existing investors such as Shell Ventures, Bharat Innovation Fund, and Bluehill Capital also took part in the round.
The startup will use the funding to expand and strengthen sales and operations across international markets in North America and Europe. Detect Technologies will also invest in its product suite to scale up operations.
“We are grateful for the confidence bestowed upon us by our investors, and look forward to accelerating our market expansion,” said Detect CEO and cofounder Daniel Raj David.
Conceptualized at IIT Madras in 2013 by David, Tarun Mishra, Harikrishnan AS, Karthik R, and their professor Krishnan Balasubramanian, the co-founders came together to incorporate the company in February 2016. Detect Technologies is a Software-as-a-Service (SaaS) startup that combines AI, IoT, and hardware to offer products that increase overall industrial productivity.
The startup leverages technology to offer real-time monitoring and analytics related to metrics such as equipment failures, estimated life of an asset, and automation of compliance with standards.
The startup had last raised $12 Mn in funding led by Accel in June last year. Prior to that, the Chennai-based startup had raised $3.3 Mn in a Series A funding round from a clutch of investors in 2018.
The startup plans to focus its energies on increasing its client base in North America. “The company has established a presence in Houston, Texas as their North American headquarters and has signed multi-year global contracts with Fortune 500 industries,” it said in a statement.
Detect Technologies counts big names such as Adani Group, Vedanta Limited, and Aditya Birla Group as well as government undertakings such as the National Thermal Power Corporation (NTPC), Gas Authority of India Limited (GAIL), and Hindustan Petroleum (HP) among its customers.
According to a report, the global AI market was valued at $93.5 Bn in 2021, which was projected to soar to $1,811.8 Bn by 2030, expanding at a compounded annual growth rate (CAGR) of 38.1% between 2022 and 2030.