IoT startup DeTect Technologies has raised $3.5 million in its Series A round led by SAIF Partners. Bharath Innovation Fund, Axilor Ventures, BlueHill Capital and a few angel funds from the Keiretsu Forum also participated in the round.
The funds will be used to double its workforce and expand its patent product ‘Gumps’ and ‘Noctua’ in the UK and European markets.
Incubated at IIT Madras in 2013, Detect Technologies uses its drone (Noctua) and ultrasonic sensor (Gumps) to provide solutions for predicting oil and gas leakages and detect them in real time.
Gumps claims remarkable sensitivity to detect cross-sectional area losses. It’s designed to operate between – 50 °C to 300 °C and a real-time long range high-temperature sensor.
On the other hand, Noctua can be programmed to cater to the specific requirements of each equipment such as columns, vessels, reactors etc. both internally and externally.
With a workforce of 50, the startup said to be in talks with clients from Singapore, Malaysia, the US, and Canada. Further, it is planning to double the employee count by 2019.
The firm clientele base includes Bharat Petroleum Corporation, Tata Steel, and Reliance Industries amongst others.
The brainchild of Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra, and Krishnan Balasubramanian, DeTect had previously raised an undisclosed amount of funding from IIM Ahmedabad’s CIIE, Axilor Ventures and angel network Keiretsu Forum in August, last year.
The development was reported by Mint.