Chennai-headquartered and IIT Madras incubated Internet of Things (IoT) Startup, DeTect Technologies, has raised $3.3 million ( ~ INR 23.53 crores) in Series A round of fundind led by SAIF Partners. Bharat Innovation Fund, Axilor Ventures, BlueHill Capital Pvt Ltd and a few angels from the Keiretsu Forum have also participated in the round. Currently operating in Chennai, Bangalore, Jamnagar and the UK, this latest infusion of growth capital will be used for international expansion, for building manufacturing capability for mass production of their patented technology products GUMPS and NOCTUA and to also supplement the core R&D focus of the company.
The startup had earlier raised an undisclosed amount of funding from IIM Ahmedabad’s CIIE, Axilor Ventures and angel network Keiretsu Forum in August last year.
Focusing on developing patented technologies, currently DeTect Technologies has two products in their portfolio, the services of which they are looking at expanding to other countries. Both the products, GUMPS and NOCTUA, are aimed at increasing the productivity of industries at large thereby increasing efficiency and reducing the opportunities for manual errors.
GUMPS, the first sensor in the world, that can monitor pipeline thickness change in real time with the help of machine learning algorithms increases the efficiency of the inspection process. A unique feature of the product is that it can even operate at temperatures of upto 300 deg Celsius.
NOCTUA, and industrial drone, tailor made for process industry inspections,conducts automated visual and thermal inspection of industrial infrastructures and significantly reduces maintenance and inspection efforts including scaffoldings, etc. The product has been built out to serve process industries as a market segment.
Both products have seen tremendous adoption in the Oil and Gas markets in India.
Daniel Raj David, CEO and Co-Founder, DeTect Technologies said, “ Our goal here at DeTect Technologies is to leverage high end engineering talent, build deep technology, design cutting edge infrastructure and create high end patented solutions for asset risk monitoring and also estimating their life predictions. By developing sensor technology, drone technology, image processing and machine learning algorithms here in India, our technologies are focused on improving operational efficiencies for industries at large by helping them enhance monitoring and increase safety and accuracy.”
“Developing patented technologies to perform intelligent asset monitoring to perform risk evaluation and estimated life prediction for improving safety and efficiency is at the core of our philosophy. We are happy to have received support from SAIF Partners and additional support from our existing investors Bharat Innovation Fund, Axilor Ventures, BlueHill Capital Pvt Ltd and angels from the Keiretsu Forum as it solidifies our resolve in revolutionizing the industrial landscape. Our growing partnership with SAIF will not only help us with with an expanded capital base but will also propel the company’s ambitions to cater to global Oil and Gas Markets and take indigenous core technology built in India to the rest of the world.”
Announcing the investment Mridul Arora, Managing Director, SAIF Partners said, “We are very excited to partner with the Detect team as they bring a rare combination of deep domain expertise, global market opportunity and high entrepreneurial energy. Global oil and gas majors have flocked to Detect to take advantage of Detect’s asset monitoring and inspection solutions and we’re confident that the team will continue to expand its global footprint. The SAIF team is proud to support the ambitions of deep tech Indian startups such as Detect.”
Ashwin Raguraman, Founding Partner, Bharat Innovation fund said, “Having been closely involved with Detect for over a year, it is incredible to observe the pace at which Detects solution has grown, from a raw promising technology, to a couple of full fledged world class products that are being consumed by the biggest corporations in the world. Detect is tackling a problem that others havent even come close to solving and it is fascinating to have been and continue to be a part of their evolutionary story.”
The company has a 80 member team, with 50 permanent employees with operations in Chennai, Bangalore, Jamnagar and the UK (London and Aberdeen). Detect is looking to double its employee count this year. They currently have orders within India and are also working with four other countries-USA, UK, Portugal and Singapore.
The concept of Detect started in IIT Madras in 2013 and was founded by alumni Tarun Mishra, Daniel Raj David, Harikrishnan AS, Karthik R, and professor Krishnan Balasubramanian. The company was incorporated on Feb 23rd 2016 and had a vision to become a global leader in asset integrity and monitoring solutions, in the space of Risk Analysis and Remaining Life Estimation to target continuous and safe industry operations. The core philosophy of the company is to build globally patented hardware and software solutions in the space of sensor building, manufacturing, IOT, robotics, Artificial Intelligence, Machine Learning and Computer Vision. IIT Madras being a hub of hardware technology inventions has proved to be a great base to build the initial R&D team.