DeTect Technologies, a Chennai based startup that is into manufacturing niche products in the IoT space, has raised Series A funding of $3.3 million. The investors in this round are SAIF Partners, Bharat Innovation Fund, Axilor Ventures, BlueHill Capital Pvt Ltd and a few angels from the Keiretsu Forum.
The company has an employee strength of 80, with 50 of them being permanent and the company has operations in Chennai, Bengaluru, Jamnagar and the UK (London and Aberdeen). DeTect wants to hire almost an identical number of hands going forward and expand the market beyond the current geography. The possible locations are the USA, the UK, Portugal and Singapore. The funds now raised will be deployed in these areas.
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.”
DeTect holds patented technology for two distinct products, GUMPS and NOCTUA. Both these will basically fall under the process instrumentation and productivity enhancement categories largely used in the manufacturing sector but with advanced machine learning technologies.
GUMPS can monitor pipeline thickness change in real time and is capable of withstanding very high temperatures. NOCTUA, on the other hand is also used for inspections but it is in the form of a drone that can be effective in making inspection in areas inaccessible to humans. Oil & Gas sector has found these products very useful in their operations. Workplace safety and reducing risks involved in routine operations are some of the objectives that DeTect pursues and is prepared to work on researching further in developing patented technologies in this field. They have global ambitions and are working towards that.
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. ”
The founders of this startup have a common IIT Madras background and have received several awards for their path-breaking work on related fields of technology.
The investors have also expressed their faith and confidence in the future of DeTect and its ability to produce world class products and serve the best corporations globally in the Oil & Gas business.