Industrial tech firm that serves Exxon, Reliance nets $12m in Accel-led round

Detect Technologies, an India-based industrial SaaS company, has raised US$12 million in a new financing round led by Accel.

The Detect Technologies team / Photo credit: Detect Technologies

Existing investors including Elevation Capital, Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures backed the company in the new round. Stride Ventures also participated as a venture debt partner.

The fresh funds will be used to expand the company’s sales and operations teams across India, Singapore, Indonesia, Europe, North and South America, and the Middle East. The new capital will also be deployed for research and development efforts.

Detect Technologies operates a platform that combines tech and industrial expertise to increase overall industrial productivity. It does so by offering real-time monitoring, predictive maintenance, and compliance automation solutions.

“Despite initiatives toward industrial automation and digitization, large conglomerates have seen limited success in generating tangible value on site,” said Daniel Raj David, CEO and co-founder of Detect Technologies. “Industrial processes today are siloed and need significant human intervention, which is subject to error.”

The company said its client portfolio has grown from over 25 to more than 45 companies, and its solutions have been implemented in over 100 individual sites globally.

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Currently, its portfolio includes industrial giants such as Shell, Tata Steel, ExxonMobil, Adani Group, and Reliance, among others. These companies span sectors that include oil and gas, petrochemicals, construction, steel, metals, chemicals, fertilizers, pharmaceuticals, power, renewables, and cement.