VC Fund Investments
Industrial AI startup Detect raises $12-M from Accel, others
Chennai-based Industrial AI startup Detect Technologies has raised USD 12 million in a funding round led by Accel, as it looks to grow its presence in markets such as North America, Middle East and Southeast Asia driven by rising demand for automation on the back of the Covid-19 pandemic. The round also saw participation of Stride Ventures, and existing investors Elevation Capital, Bharat Innovation Fund, BlueHill Capital and Axilor Ventures. The IIT Madras-incubated startup will utilise the capital to expand sales and operations teams in the six overseas geographies it entered over the last year, including Europe and South America, apart from investing in research and development for new products in areas such as undersea industrial maintenance. Detect Technologies has three broad products in the market: its ultrasonic sensor Gumps, a drone-based visual monitoring system Noctua, and a platform to automate management of projects - from planning to execution - and monitoring safety and resource allocation.
From the Venture Intelligence PE-VC Deal Database: In Oct-18, Detect had attracted $3.3 million in its Series A round led by SAIF Partners (now Elevation Capita) lin November 2019. The round had also seen participation from Bharat Innovation Fund, Axilor Ventures, BlueHill Capital and a few angel funds from the Keiretsu Forum. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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