Chennai based Internet of Things Startup, Detect Technologies has now secured $3.3 Million in the funding round of Series A which is led by the Bharat Innovation Fund, Bluehill capital Ltd and SAIF Partners.
The startup has also earlier raised an undisclosed amount of funding from the CIIE, Axilor Ventures, and IIM Ahmedabad and some of the Angel network forums.
The startup which is focusing more on patented technologies, as of now the company is having two products in their catalog, and they are looking to expand both of these. Both the products which are named as NOCTUA and GUMPS are aimed at increasing and enhancing the productivity of the industries at large scale and thereby reducing the possibilities of manual errors.
Daniel Raj David, CEO, and Co-Founder, DeTect Technologies said, “ Our goal here at DeTect Technologies is to leverage high-end engineering talent, build deep technology, design cutting-edge infrastructure and create high end patented solutions for asset risk monitoring and also estimating their life predictions. By developing sensor technology, drone technology, image processing and machine learning algorithms here in India, our technologies are focused on improving operational efficiencies for industries at large by helping them enhance monitoring and increase safety and accuracy.”
The company as of now has a team of around 80 employees with the 50 employees in the Chennai, Jamnagar, Bangalore and the UK office. The startup is also looking to double the size of its employee count by the end of this year.
The concept of Detect started in the year 2013 by the IIT Madras and was founded by the Daniel Raj, David, Karthik, Tarun Mishra and Harikrishnan with a vision to become a global leader in the asset integrity and monitoring solutions in space of remaining life estimation and risk analysis to target the continuous and safe industry operations.