PR96989

CHENNAI, India, July 15, 2022 /PRNewswire=KYODO JBN/

    The company gears to further expand its global footprint to fulfil the

accelerating demand for industrial automation.  

    Detect Technologies [https://detecttechnologies.com/], a leading AI-based

SaaS enterprise, announced today that it raised $28 Mn in primary and secondary

funding. Detect Technologies provides cloud-based applications to industries to

automate and enhance visibility of 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 grown rapidly to become a leading industrial AI and

SaaS enterprise. The company will utilize this capital to further expand and

strengthen its sales and operations across international markets in North

America and Europe. Operating in the fast-evolving space of AI, the company has

also allocated funds for enriching its product suite.

    "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 look forward to accelerating

our market expansion," said Daniel Raj David, CEO and Co-founder of Detect

Technologies.

    Ashutosh Sharma, Head of Investments, India, at Prosus Ventures, shared,

"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 & play

cloud solution to automate 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. At Prosus Ventures, we are

committed to back SaaS companies building truly unique solutions to solve real

world problems at scale. We are excited to participate in Detect's next phase

of growth and work closely with the founders to support their ambition to

become global leaders in industrial automation solutions."

    Industries are actively exploring comprehensive solutions to automate their

risk identification and reporting functions. Detect's client portfolio is

growing globally across various industrial sectors. Increased visibility and

actionable insights are helping organizations reduce their non-compliance to

boost productivity and throughput.

    "The industrial sectors have historically been challenged with lack of

real-time data and insights to mitigate safety issues and loss of revenue from

unplanned shutdowns. Detect has been at the forefront of solving these issues

in very large installations for very large customers, globally. At Accel, we

continue to remain excited with the strides that the company has made in the

year since we partnered with them and continue to deepen this relationship"

added Barath Shankar Subramanian, Partner, Accel.

    Detect will be expanding their customer base in North America. The company

has established a presence in Houston, TX as their North American headquarters

and have signed multi-year global contracts with Fortune 500 industries.

    Mridul Arora, Partner, Elevation Capital, shared,

    "We're delighted to further cement our relationship with Detect in the next

phase of their journey. Not only do they have a world-class tech platform, they

have also supplemented it with a strong execution muscle. Their enterprise wide

partnerships with Shell and multiple other global conglomerates are testimony

to the quality of their solution and the high regard the industry holds them

in. We are sure that the best is yet to come for Daniel, Tarun and team Detect."

    About Detect Technologies

    Detect Technologies is an enterprise tech SaaS company that provides

intelligence to Industries for mitigating high-consequence risks through a

suite of cloud-based AI powered applications. Detect has created a vast library

of AI applications that mine out actionable insights from structured and

un-structured data. These insights have helped industries improve workplace

safety, monitor work processes effectively, increase visibility of external

risks on their infrastructure, and improve productivity.  

    Website link: www.detecttechnologies.com

    Photo: https://mma.prnewswire.com/media/1858606/Detect_Founders.jpg

    Logo: https://mma.prnewswire.com/media/1858607/Detect_Logo.jpg

    Source - 'Detect Technologies'