An artificial intelligence startup, DeTect Technologies, which focuses its product usage to help energy sectors, has raised a new investment round worth $3.3 million.
The startup provides services which help detect and locate leaks in energy services such as pipelines, among others.
Funds from the Series A round will be used to make changes and developments in order to scale up production size, as reported by Economic Times Tech. Another aspect of the investment will also be used for expansion plans, on a global scale.
“India is a small portion of the global market where we can deploy our products,” Daniel Raj David, CEO of DeTech Technologies, said to ET. “Our expansion will also entail collaborating with research centres and universities to boost R&D.”
Since its founding in 2016, the Chennai-based company has launched two artificial intelligence-based detection products called Gumps and Noctua. The first of the two is an ultrasonic sensor while the latter is a drone product.
Companies that have worked with the startup for its products include Bharat Petroleum Corp, Hindustan Petroleum Corp, Reliance Industries and the Tata Group.
Investors in the $3.3 million Series A round include SAIF Partners, Bharat Innovation Fund, Axilor Ventures and BlueHill Capital, among others.
“Industries are becoming automated, and Detect Technologies look to address the issue of large expenditures made on defects detected after they are formed,’ Mridul Arora, Managing Director at SAIF Partners, said. “This is a global problem and DeTect has unique products to address it.”
The company which was founded by Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra and Krishnan Balasubramanian has a total of 40 customers to date.
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