AI startup Detect Technologies raises $28 million in funding led by Prosus Ventures
- ByStartupStory | July 14, 2022
On Thursday, Detect Technologies, an AI-based SaaS (software-as-a-service) business, revealed that it had raised $28 million in primary and secondary funding. The Series B round, which was heavily supported by current investors Accel and Elevation Capital, was led by Prosus Ventures. Shell Ventures, Bharat Innovation Fund, and Bluehill Capital, additional current investors, also took part in the round.
The company stated in a release that it intends to use the new funds to enhance and extend its sales and operations across foreign markets in North America and Europe. In order to remain relevant in the rapidly changing artificial intelligence (AI) market, it has also budgeted money for enhancing its product line.
In order to automate, enhance the visibility of industrial risks, and boost production, the startup offers cloud-based tools to various industries. The startup has established a presence in Houston, Texas as its North American headquarters and has negotiated multi-year contracts with Fortune 500 industries in an effort to increase its customer base in the region.
“Our mission is to deliver actionable intelligence to assist industries in reducing risks and accomplishing their goals in a sustainable manner. That our clients are reporting fewer HSE incidents, fewer unexpected downtimes, and higher productivity levels makes me delighted,” Daniel Raj David, CEO and Co-Founder of Detect Technologies, expressed his gratitude for the investors’ faith in us and his excitement about quickening the company’s market expansion.
Businesses from a variety of sectors are actively looking at all-encompassing solutions to automate their risk identification and reporting processes. With improved visibility and practical insights, Detect assists its expanding worldwide customer portfolio in reducing non-compliance and increasing productivity and throughput.
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