The company intends to expand its global presence to meet the growing demand for industrial automation.
CHENNAIIndia, July 15, 2022 /PRNewswire/ — Technology Discoveryleading SaaS company based on artificial intelligence, today announced the attraction of $28 million in primary and secondary finance, Detect Technologies provides industries with cloud-based applications to automate and improve visibility into industrial risks and improve productivity. Prosus Ventures led this round with significant participation from existing investors Accel and Elevation Capital and continued support from other existing investors: Shell Ventures, Bharat Innovation Fund and Bluehill Capital.
Detect Technologies has rapidly grown to become a leading industrial AI and SaaS company. The company will use this capital to continue its expansion and strengthen its sales and operations in international markets in North America and Europe. Operating in the rapidly evolving AI space, the company has also allocated funds to expand its product portfolio.
“Our vision is to provide actionable insights to help industries mitigate risk while achieving their business goals in a sustainable manner. I am pleased that our customers are reporting fewer health and safety incidents and fewer unplanned downtime while improving productivity levels. We are grateful for the trust placed in us by our investors and look forward to accelerating our expansion in the market.” said Daniel Raj DavidCEO and co-founder of Detect Technologies.
Ashutosh SharmaHead of India Investment at Prosus Venturessaid : ” The safety of frontline workers and the productivity of assets are unresolved global issues with significant financial and environmental implications. The Detect team has done a phenomenal job of building a cloud-based plug and play machine learning solution to automate near real-time security breach detection, which is reflected in their market leadership, the quality of the logos, and the recent and planned expansion of the company. At Prosus Ventures, we are committed to supporting SaaS companies that create truly unique solutions to solve real problems at scale. We are thrilled to be part of Detect’s next phase of growth and work closely with the founders to support their ambition to become the global leader in industrial automation solutions. »
Industries are actively exploring end-to-end solutions to automate their risk identification and reporting functions. Detect’s client portfolio is growing worldwide in various industry sectors. Increased visibility and actionable insights help organizations reduce compliance incidents and increase efficiency and productivity.
“Industrial sectors have historically faced a lack of real-time data and information to mitigate safety concerns and loss of revenue due to unplanned shutdowns. Detect has been at the forefront of solving these problems in very large installations for very large customers around the world. At Accel, we remain delighted with the progress the company has made in the year since our partnership with them, and we continue to deepen that relationship.” added Barat Shankar Subramanian, Partner, Accel.
Detect will expand its customer base in North America. The company has established its presence in Houston, Texasas its North American headquarters, and signed multi-year global contracts with Fortune 500 industries.
Mridul AroraPartner, Elevation Capital, said : “We are excited to strengthen our relationship with Detect for the next step in their journey. They not only have a world-class technological platform, but also complement it with powerful muscles. Their corporate partnerships with Shell and many other global conglomerates are a testament to the quality of their solutions and the high reputation they enjoy in the industry. We are confident that the best is yet to come for Daniel, Tarun and the Detect team.”
About Detect Technology
Detect Technologies is an enterprise SaaS technology company that provides industrial enterprises with intelligent information to reduce the high risk of consequences through a set of cloud-based artificial intelligence applications. Detect has created a vast library of AI applications that extract useful information from structured and unstructured data. This information has helped enterprises improve workplace safety, effectively monitor workflows, increase the visibility of external risks in their infrastructure, and increase productivity.
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