IIT Madras-based IoT technology startup DeTect Technologies has raised an undisclosed sum from IIM Ahmedabad's CIIE, Axilor Ventures and angel network Keiretsu Forum.
According to a report in the Economic Times, global angel investment network Keiretsu Forum saw 15 investors from the network invest in the company led by AJ Ventures’ Anil Jain.
DeTect will use the funding to expand its presence in foreign shores. Daniel Raj David, CEO of DeTect says that the funds will be used for research and development and to cater to international clients. And this is something even investors were excited about.
Founded by IIT Madras alumni Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra and professor Krishnan Balasubramanian at the IIT Madras' incubation cell in 2013, DeTect Technologies builds technologies for the heavy industrial sector for asset monitoring.
It provides solutions to large industries, especially in the oil and gas industry for predicting leakages and also detecting them if they occur. It developed a sensor called Gumps which uses IoT for inspection of pipelines through remote monitoring, even at very high temperatures.
It also provides drone as a service with its drone Noctua and counts large industrial companies like BPCL, Tata, HPCL and more. One its first clients was Reliance Industries, which also invested the initial capital through the IIT Madras incubation cell.
It also received funding from Axilor’s fund after being a part of Axilor’s accelerator batch this year.
“We participate in funding rounds in companies where we see opportunity in terms of sectors and teams, which was the case with DeTect," said Asutosh Upadhyay, head of programs at Axilor Ventures.
Ashwin Raguraman, partner at CIIE's Bharat Innovation Fund said that they are excited to support DeTect in its journey from having a world-class product to becoming a world-class business.
“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," he added.