Startup Detect Technologies, ( Detect Tech AI ) an AI-based SaaS (software-as-a-service) business, revealed that it had raised $28 million in primary and secondary funding.
The company intends to use the new funds to enhance and extend its sales and operations across foreign markets in North America and Europe, according to a statement issued.
In order to remain relevant in the rapidly changing artificial intelligence (AI) market, the startup has also budgeted money for enhancing its product line.
The startup Detect Technologies offers cloud-based applications to many industries that increase productivity and automate and better visibility of industrial risks.
Detect Tech AI plans foray into North America and Europe Markets
With plans to expand its customer base in North America, the startup has established a presence in Houston, TX as its North American headquarters, and has signed multi-year global contracts with Fortune 500 industries.
“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-and-play cloud solution to automate the 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.”
Companies across industries are actively exploring comprehensive solutions to automate their risk identification and reporting functions. Detect helps its growing global client portfolio with increased visibility and actionable insights, helping them reduce their non-compliance to boost productivity and throughput.
The Series B round, which was heavily supported by current investors Accel and Elevation Capital, was led by Prosus Ventures. Shell Ventures, Bharat Innovation Fund, and Bluehill Capital, additional current investors, also took part in the round.