Extending a big financial support to escalate its IoT products and drone production and manufacturing, SAIF Partners, Bharat Innovation Fund, Axilor Ventures, BlueHill Capital Pvt Ltd and a few angels from the Keiretsu Forum have invested $3.3 million in Chennai-headquartered DeTect Technologies.
Currently having orders within India and working with USA, UK, Portugal, and Singapore, this latest Series A infusion of growth capital will be used for international expansion, for building manufacturing capability for mass production of their patented technology products GUMPS and NOCTUA and to also supplement the core R&D focus of the company. And with a team size of 80 people, 50 full-time employees, DeTect Tech is looking to double its employee count this year.
Focusing on developing patented technologies, currently, DeTect Technologies has two products in their portfolio, the services of which they are looking at expanding to other countries. Both the products, GUMPS and NOCTUA, are aimed at increasing the productivity of industries at large thereby increasing efficiency and reducing the opportunities for manual errors.
GUMPS is a sensor that can monitor pipeline thickness change in real time with the help of machine learning algorithms increases the efficiency of the inspection process. A unique feature of the product is that it can even operate at temperatures of up to 300 deg Celsius.
NOCTUA, and industrial drone, tailor-made for process industry inspections, conducts automated visual and thermal inspection of industrial infrastructures and significantly reduces maintenance and inspection efforts including scaffoldings, etc. The product has been built out to serve process industries as a market segment.
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.”
“Developing patented technologies to perform intelligent asset monitoring to perform risk evaluation and estimated life prediction for improving safety and efficiency is at the core of our philosophy. We are happy to have received support from SAIF Partners and additional support from our existing investors Bharat Innovation Fund, Axilor Ventures, BlueHill Capital Pvt Ltd and angels from the Keiretsu Forum as it solidifies our resolve in revolutionizing the industrial landscape. Our growing partnership with SAIF will not only help us with an expanded capital base but will also propel the company’s ambitions to cater to global Oil and Gas Markets and take indigenous core technology built in India to the rest of the world.”
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. ”