DeTech Technologies, an Internet of Things (IoT) startup, has announced that it has raised a seed funding round, but has not revealed the financial details of the same.
However, it is known that the company has raised funding from IIM Ahmedabad’s startup incubator CIIE, along with Axilor Ventures and around 15 angel investors from Keiretsu Forum, led by Anil Jain’s AJ Ventures.
DeTect Technologies had earlier received an initial capital from the IIT Madras incubation cell through one of its first clients Reliance Industries. With new funding coming in, the company is now eyeing to expand its operations to international markets. In a statement, the company’s CEO said,
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.
Ashwin Raguraman, a partner at CIIE’s Bharat Innovation Fund said in a statement:
DeTect’s IoT product for high temperature and inaccessible pipelines and other industrial assets is at the cutting edge of technology and demonstrates how deep technology, which is globally competitive, is being built out of India. We are excited to support DeTect in its journey from having a world-class product to becoming a world-class business.
DeTect Technologies was started at IIT Madras’ incubation cell in the year 2013 and was founded by alumni Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra and professor Krishnan Balasubramanian.
The startup builds technologies for the heavy industrial sector, especially for asset monitoring. It has developed a drone, named Noctua, which is now being offered to leading organisations, including BPCL, HPCL and Tata, among others.
Apart from the drone ‘Noctua’, the company has also developed an ultrasonic sensor called GUMPS which caters to the energy sector for inspection of pipelines through remote monitoring.
The company says that it is inspired by the loss of human life and property in gas and oil leakages, and is committed to providing solutions for predicting such leakages and detecting those leakages if they occur.