Detect Technologies Raises Funding $12M Round Led By Accel Partners

• ByStartupStory     |    June 30, 2021

AI startup Detect Technologies raises funding $12 million in funding led by Accel Partners the round also saw significant  participation from existing investor Elevation  Capital. Further, investors including Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures, also participated in the round, while Stride Ventures was the venture debt partner. Detect Technologies raises funding to enhance industrial productivity globally and strengthen its leadership in accelerating digitisation of the industrial sector. They are also aiming to expand in India also beyond in North and South America, Singapore, Indonesia, the Middle East, and Europe.

“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, Detect Technologies.

Detect’s client portfolio include many Fortune 500 companies and  industrial giants like Shell, Tata Steel, ExxonMobil, Adani Group, Reliance. Barath Shankar Subramanian, Partner, Accel, said, regrading Detect Technologies raises funding, “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.”

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