DeTect Technologies, a Chennai-based startup that offers Internet of Things (IoT) solutions, has raised $3.3 million in Series A funding from SAIF Partners, Bharat Innovation Fund, Axilor Ventures, BlueHill Capital, and a group of angel investors from the Keiretsu Forum.
The newly raised capital will be used by the Chennai-based IoT startup to expand its operations internationally and to further supplement the core research and development (R&D) focus of the company. The funding will also be used to build manufacturing capability for mass producing its patented technology products.
Currently, the company has a team of 80 members, however, it is expecting to increase the count of team members to around 140 to 150 with the help of the fresh funding. The company has nearly 40 Indian clients and three global clients — from the US, the UK, Portugal, and Singapore.
Commenting on this funding, Ashwin Raguraman, Founding Partner, Bharat Innovation fund said:
Having been closely involved with Detect for over a year, it is incredible to observe the pace at which Detects solution has grown, from a raw promising technology to a couple of full-fledged world-class products that are being consumed by the biggest corporations in the world. Detect is tackling a problem that others haven’t even come close to solving and it is fascinating to have been and continue to be a part of their evolutionary story.
DeTect Technologies was conceptualized in IIT Madras in 2013 by Tarun Mishra, Daniel Raj David, Harikrishnan AS, Karthik R, and professor Krishnan Balasubramanian. The co-founders came together in February 2016 to incorporate the company.
The company’s vision is to become a global leader in asset integrity and monitoring solutions, in the space of risk analysis and remaining life estimation to target continuous and safe industry operations.