Chennai, India-based Software-as-a-service platform Detect Technologies raised USD 28 million in Series B funding. The round took place on July 13, 2022. Prosus Ventures led the financing for Detect Technologies. Existing investors such as Accel and Elevation Capital, Shell Ventures, Bharat Innovation Fund, and Bluehill Capital, also participated in the round.
The valuation with the recent funding increased substantially as compared to its previous rounds. It now stands at USD 140 million.
Utilization of Funds by Detect Technologies
The company plans to utilize the recent proceeds to expand further and strengthen its sales and operations across international markets in North America and Europe. Detect Technologies also seeks to invest in research and development in order to enhance its product offerings.
The startup has also established a presence in Houston, TX, as its North American headquarters. Besides, it signed multi-year global contracts with Fortune 500 industries.
Detect technologies intends to ramp up its hiring operations across domains such as sales and marketing functions.
What the co-founder has to say
“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 further look forward to accelerating our market expansion,” said Daniel Raj David, CEO and Co-founder of Detect Technologies.
What the investor has to say
“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-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,” said, Ashutosh Sharma, head of investments, India, at Prosus Ventures.
About Detect Technologies
Daniel Raj David, Harikrishnan A.S Tarun Mishra, and Karthik Rajasekaran are the founders of the company. They established Detect Technologies in 2013. The firm provides cloud-based applications to industries. Its vision is to aid businesses in automating and enhancing the visibility of industrial risks and improving productivity.
Its insights help industries improve workplace safety, monitor work processes effectively, increase the visibility of external risks on their infrastructure, and improve productivity.
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