ON WEDNESDAY, Industrial AI company Detect Technologies said it had raised $12 million, led by Accel, to enhance industrial productivity globally.
The funding round saw significant participation from existing investor Elevation Capital and continued support from Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures.
Stride Ventures also participated as a venture debt partner.
The company said it would use the funds to further expand and strengthen its sales and operations teams across India and international markets.
“Despite initiatives towards industrial automation and digitization, large conglomerates have seen limited success in generating tangible value on site. Industrial processes today are siloed and need significant human intervention, which is subject to error,” said Daniel Raj David, CEO and Co-founder of Detect Technologies.
The company informed informed that part of the funds will also be deployed for R&D and product innovation to strengthen Detect’s lead in industrial AI and IoT.
The company has expanded into six new international territories within 10 months.
“The industrial sector loses millions globally in revenue due to unplanned shutdowns, a result of lack of intelligent real-time data and insights to aid decision making.
“Detect is operating in this $200 billion+ market opportunity of industrial automation and real-time analytics to increase visibility over operations, the health of equipment, and the safety of workers,” said Barath Shankar Subramanian, Partner, Accel.