Chennai-based IoT startup Detect Technologies has raised around ₹23.6 crore in series A funding round led by SAIF Partners. Other investors that participated in the round included Bharat Innovation Fund, Axilor Ventures, BlueHill Capital, along with a few angel funds from the Keiretsu Forum.
The funds raised will be used to fuel international expansion and to build manufacturing capability for mass production of its patented products.
Detect Technologies was founded by IIT Madras alumni Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra, and Professor Krishnan Balasubramanian in 2016. The startup was founded with the aim to become a global leader in asset integrity and monitoring solutions.
The technology startup offers two flagship products namely Gumps and Noctua. Gumps is an IoT-enabled system capable of monitoring pipeline integrity at high temperatures. While Noctua is an intelligent drone, powered by machine learning techniques, to inspect industrial structures.
The startup is operational across Chennai, Bengaluru, Jamnagar, and the UK. It plans to further invest in research & development, which is the core focus for the startup.
Talking about the partnership, 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.”
According to a NASSCOM and Deloitte report, the IoT market in India is expected to touch $9 billion with over 1.9 billion IoT devices installed. While the IoT field was previously restricted to big firms like IBM, Bosch, Cisco, and Qualcomm, among others. Growing number of Indian startups are looking to leverage the opportunity.
Other Indian startups working in the IoT domain include Tyre Express, IoTrek, CoveIoT, TagBox, and Facilio, among many others.