Industrial AI company Detect Technologies on Wednesday said it has raised USD 12 million (about Rs 89.1 crore) in funding, led by Accel.
Existing investors Elevation Capital, Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures also participated, a statement said.
Stride Ventures participated as a venture debt partner, it added.
The company will utilise the funding to further expand and strengthen its sales and operations teams across India and international markets in North and South America, Singapore, Indonesia, the Middle East, and Europe and to fulfill the accelerating demand for industrial automation, the statement said.
Part of the funds will also be deployed for R&D and product innovation to strengthen Detect's lead in industrial AI and the Internet of Things.
Detect said its client portfolio has grown to over 45 companies, and its solutions have been implemented in more than 100 individual sites globally.
The company has also expanded into six new international territories within 10 months, and its current portfolio includes prominent industrial giants, such as Shell, Tata Steel, ExxonMobil, Adani Group, Reliance, and several Fortune 500 companies, spanning across sectors such as oil and gas, petrochemicals, construction, steel, metals, chemicals, fertilizers, pharmaceuticals, power, renewables, and cement.
'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,' Detect Technologies Chief Executive Officer and co-founder Daniel Raj David said.
He added that Detect's rapid revenue growth and global expansion reflect its ability to innovate and continuously deliver.
Detect Technologies solutions help increase overall industrial productivity through increased schedule certainty, enhanced resource visibility through real-time intelligent monitoring decreased in-service equipment failure and increased estimated life of an asset through predictive maintenance and automation of compliance to standards.