Chennai-based Industrial AI startup Detect Technologies has raised $12 million in a funding round led by Accel Partners and Elevation Capital. Bharat Innovation Fund, BlueHill Capital, Axilor Ventures and others also participated.
Stride Ventures participated in the round as a venture debt partner.
According to the company, it will use the investment to enhance industrial productivity and strengthen its sales and operations teams across India and overseas. A portion of the funds will also be deployed for R&D and product innovation.
Founded by Daniel Raj David, Detect is an IIT Madras incubated startup which develops solutions for pipeline integrity and management. Its products also help in predictive maintenance of oil & gas pipelines and predict leakages.
The company’s current portfolio includes industrial giants such as Shell, Tata Steel, ExxonMobil, Adani Group and several Fortune 500 companies.
Earlier in November 2018, it had raised around $3.3 million in its Series A round led by Elevation Capital (previously SAIF Partners).