A series B investment headed by Prosus Ventures secured $28 million for the business software-as-a-service firm Detect Technologies, which is located in India. Participating were the company’s current investors, including Accel and Elevation Capital.
Daniel Raj David, Harikrishnan AS, Tarun Mishra, and Karthik Rajasekaran—all graduates of the Indian Institute of Technology, Madras—founded Detect in 2016.
By providing real-time monitoring, predictive maintenance, and compliance automation solutions, the firm runs a platform that combines technical know-how and industrial knowledge to boost total industrial efficiency.
Large corporations including Vedanta, the Aditya Birla Group, Reliance Industries, and Indian Oil are clients of Detect.
The firm intends to use the additional funding to grow and expand its operations and sales in Europe and North America. It already has a location in Houston designated as the North American headquarters.
Accel led a fundraising round in which Detect raised $12 million in June 2021. The round also included participation from Elevation Capital, Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures.
