DeTect Technologies on Wednesday has announced that it has raised $12 million (Rs 89.1 crore) in a round led by venture capital firm Accel.
The Chennai-based company said it would utilize the funds to further expand and strengthen its sales and operations teams across India and international markets. It also intends to use part of the capital for research and development and product innovation to strengthen its presence in industrial artificial intelligence and IoT.
“The pandemic accelerated the adoption of automation, leading to large-scale disruption in industrial technology. Our team seized this opportunity to spearhead industrial transformation and has achieved operational excellence with prominent industrial players,” said Daniel Raj David, CEO and co-founder of Detect Technologies.