Kul Bhushan · · 1 min readAccel-backed SaaS startup bags $28m in series B money
Detect Technologies, an India-based enterprise software-as-a-service startup, has raised US$28 million in a series B round led by Prosus Ventures. The firm’s existing investors, including Accel and Elevation Capital, also participated.
Detect Technologies team / Photo credit: Detect Technologies
Detect was founded in 2016 by Daniel Raj David, Harikrishnan AS, Tarun Mishra, and Karthik Rajasekaran – all alumni of the Indian Institute of Technology, Madras.
The company operates a platform that combines tech and industrial expertise to increase overall industrial productivity by offering real-time monitoring, predictive maintenance, and compliance automation solutions.
Detect works with large enterprises such as Vedanta, Aditya Birla Group, Reliance Industries, and Indian Oil.
The company plans to use the fresh capital to expand and develop its sales and operations in North America and Europe. It has already set up an office in Houston as its North America headquarters.
In June 2021, Detect raised US$12 million in a funding round led by Accel. Elevation Capital, Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures also joined the round.
See also: Series SEA: Who’s investing in the region’s SaaS startups?
Other investors in the latest round include:
- Shell Ventures
- Bharat Innovation Fund
- Bluehill Capital
Editing by Deepti Sri and Arpit Nayak
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