DeTect Technologies, an IIT Madras-based IoT tech startup, has raised an undisclosed amount of funding from IIM Ahmedabad’s CIIE, Axilor Ventures and angel network Keiretsu Forum.
The platform provides technologies to industries which provide solutions for predicting oil and gas leakages and detect them if they occur.
The startup is offering solutions to offered to around 10 leading organisations, including BPCL, HPCL and Tata, among others.
Founded in 2013 by IIT-Madras alumni Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra and professor Krishnan Balasubramanian, DeTect Technologies had received initial capital from the IIT Madras incubation cell through one of its first clients Reliance Industries.
“We will use the funding on R&D and expansion to cater to international clients. We are also set to start using our products for indoor application for asset inspection,” said CEO David.
According to Ashwin Raguraman, partner at CIIE’s Bharat Innovation Fund, DeTect’s IoT technology for detecting high temperature and inaccessible pipelines and other industrial assets demonstrates the vast technology development happening out of India.
His support for the company aims to make it a world-class business. The startup was part of Axilor’s latest accelerator batch this year, and is one of the few to have received funding from Axilor’s fund.