Detect Technologies Pvt. Ltd, an artificial intelligence-based SaaS (software-as-a-service) startup, has raised $28 million (around Rs 218 crore) in a Series B round led by Prosus Ventures, the company said on Thursday.
The round saw participation from existing investors Accel and Elevation Capital, Shell Ventures, Bharat Innovation Fund and BlueHill Capital.
The Chennai-based company said it will use funds to further expand and strengthen its sales and operations across international markets in North America and Europe.
“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,” said Daniel Raj David, co-founder and chief executive officer, Detect Technologies.
Detect Technologies was founded in 2013 by IIT-Madras graduates Tarun Mishra, David, Harikrishnan AS, Karthik R and professor Krishnan Balasubramanian.
In June 2021, Detect Technologies raised $12 million (Rs 89.1 crore) in a round led by Accel. In 2018, Detect Technologies raised $3.3 million in a Series A round of funding led by multi-stage investment firm Saif Partners.
“Frontline worker safety and asset productivity are unsolved global problems, with significant financial and ESG-related implications. Detect has done a phenomenal job in building a machine learning-based cloud solution to automate detection of safety violations on a near real-time basis,” said Ashutosh Sharma, head of investments - India, Prosus Ventures.
Prosus Ventures has made total investments worth $900 million in FY23 so far. Out of this, $800 million was invested in India. Some of these investments include an $84 million investment in-home services provider Urban Company in April 2021, and a separate $153 million follow-on investment in edtech giant Byju’s that same month. This was followed by a $191 million round in PharmEasy in May.
