AI startup Detect Technologies raises $28 million in Series B round funding
AI-based SaaS (software-as-a-service) startup Detect Technologies has raised $28 million in primary and secondary funding that was led by Prosus Ventures. The Series B round saw significant participation from existing investors Accel and Elevation Capital while other existing investors—Shell Ventures, Bharat Innovation Fund, and Bluehill Capital—also participated in the round.
In a release, the company said that it plans to utilise the fresh capital to further expand and strengthen its sales and operations across international markets in North America and Europe. It has also allocated funds for enriching its product suite in order to stay relevant in the fast-evolving artificial intelligence (AI) sector.
Detect Technologies provides cloud-based applications to industries to automate and enhance the visibility of industrial risks and improve productivity. While eyeing to expand its customer base in North America, the startup has established a presence in Houston, TX as its North American headquarters, and has signed multi-year global contracts with Fortune 500 industries.
“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 are reporting fewer HSE incidents and reduced unplanned downtimes with increased productivity levels. 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 and Co-founder of Detect Technologies.
Ashutosh Sharma, Head of Investments, India at Prosus Ventures, shared, “Frontline worker safety and asset productivity are massive unsolved global problems, with significant financial and ESG-related implications. The Detect team has done a phenomenal job in building a machine learning-based, plug-and-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.”
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.