Detect Technologies, an AI-based SaaS startup, has raised US$28 million in a primary and secondary funding round led by Prosus Ventures, with participation from existing investors Accel and Elevation Capital.
Other existing investors in the round included Shell Ventures, Bharat Innovation Fund, and Bluehill Capital. The startup was founded in 2013 by Daniel Raj David, Harikrishnan A.S., Tarun Mishra, and Karthik Rajasekaran.
Detect Technologies is a cloud-based AI-powered enterprise tech SaaS startup that provides intelligence to industries for mitigating high-consequence risks.
The platform has built a large library of AI applications that extract actionable insights from structured and unstructured data. According to the company, these insights have helped industries improve workplace safety, effectively monitor work processes, increase visibility of external risks on their infrastructure, and improve productivity.
According to the company, the capital raised will be used to expand and strengthen its sales and operations across international markets in North America and Europe.
“Our vision is to provide actionable intelligence to help industries mitigate their risks while achieving their business objectives sustainably. I am happy that our customers report fewer HSE incidents and reduced unplanned downtimes with increased productivity. We are grateful for the confidence bestowed upon us by our investors and look forward to accelerating our market expansion,” said Daniel Raj David, CEO & Co-founder of Detect Technologies.s
Speaking on the investment, Ashutosh Sharma, Head of Investments, India, at Prosus Ventures, said, “Frontline worker safety and asset productivity are massive unsolved global problems, with significant financial and ESG-related implications. Detect team has done a phenomenal job in building a machine learning-based, plug & play cloud solution to automate the detection of safety violations on a near real-time basis, which is reflected in their market leadership, quality of logos, and the recent as well as expected scale up in the business.”
Detect Technologies plans to grow its customer base in North America. According to the company, it has established a presence in Houston, Texas, as its North American headquarters, and has signed multi-year global contracts with Fortune 500 companies.
As the industries investigate comprehensive solutions to automate risk identification and reporting functions. According to Detect, its client portfolio is expanding globally across various industrial sectors. It goes on to say that increased visibility and actionable insights are assisting organisations in reducing noncompliance in order to boost productivity and throughput.
“Detect has been at the forefront of solving these issues in large installations for large customers globally. At Accel, we continue to remain excited with the strides that the company has made in the year since we partnered with them and continue to deepen this relationship,” added Barath Shankar Subramanian, Partner at Accel.
In addition to Chennai, the startup also has its offices in Mumbai and Singapore