Latest News | Detect Tech Raises USD 28 Mln

Mumbai, Jul 14 (PTI) Detect Technologies, an industrial artificial intelligence company, on Thursday said it has raised USD 28 million (about Rs 224 crore) in a funding round led by Prosus Ventures.

The Chennai-headquartered firm said existing investors Accel, Elevation Capital, Shell Ventures, Bharat Innovation Fund and Bluehill Capital also participated in the round.

Also Read | TNPSC Group 4 Admit Card 2022 Released at tnpsc.gov.in, Know How To Download, Other Details.

It will utilise the newly raised capital to further expand and strengthen sales and operations across international markets in North America and Europe, an official statement said, adding that it has also allocated funds for enriching its product suite.

"Our vision is to provide actionable intelligence to help industries mitigate their risks while achieving their business objectives sustainably," its co-founder and chief executive Daniel Raj David said.

Also Read | Bihar: Government Officials To Seek Department Permission Before Second Marriage, Check New Rule Here.

Prosus' head of investments in India Ashutosh Sharma said that frontline worker safety and asset productivity are unsolved global problems, with significant financial and ESG-related implications.

"Detect team has done a phenomenal job in building a machine learning based, plug and play cloud solution to automate detection of safety violations on a near real-time basis, which is reflected in their market leadership, quality of logos and the recent as well as expected scale up in the business," he added.

The company provides cloud-based applications to industries to automate and enhance visibility of industrial risks and improve productivity. It has established a presence in Houston, Texas, as their North American headquarters and has signed multi-year global contracts with Fortune 500 industries, the statement said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)