An IoT tech startup, DeTect Technologies has secured an undisclosed amount of funding from IIM Ahmedabad’s CIIE, Axilor Ventures and angel network Keiretsu Forum. According to ET reports, around 15 investors on the Keiretsu network invested in the company which was led by entrepreneur Anil Jain’s AJ Ventures. This year, DeTech was part of Axilor’s latest accelerator batch and is one of the few to have received funding from Axilor’s fund.
The company plans to use freshly infuse funds towards R&D and expansion to cater international clients.
Commenting on the development, Ashwin Raguraman, a partner at CIIE’s Bharat Innovation Fund told ET, “DeTect’s IoT product for high temperature and inaccessible pipelines and other industrial assets is at the cutting edge of technology and demonstrates how deep technology, which is globally competitive, is being built out of India. We are excited to support DeTect in its journey from having a world-class product to becoming a world-class business.”
Incubated at IIT Madras’s incubation cell in 2013, the startup builds technologies for the heavy industrial sector for asset monitoring. The IoT startup was founded by alumni Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra and professor Krishnan Balasubramanian. The company had received initial funding from the IIT Madras incubation cell through one of its first clients Reliance Industries.
The startup who have a drone named Noctua now offered to nearly 10 leading organisations, including BPCL, HPCL and Tata, among others. Not only this, it has also developed an ultrasonic sensor called GUMPS which caters to the energy sector for inspection of pipelines through remote monitoring. The company is now planning to eye on international clients.