DeTect Technologies, an Internet of Things (IoT) startup, headquartered in Chennai-INDIA, has raised $3.3 million in Series A funding from SAIF Partners, Axilor Ventures, Bharat Innovation Fund, BlueHill Capital Pvt. Ltd., and a few angels from the Keiretsu Forum.
Bharat Innovation Fund, an early stage deep tech fund affiliated with the CIIE (Centre for Innovation, Incubation, and Entrepreneurship), supports globally competitive startups with cutting-edge technology across sectors like enterprise tech, healthcare, fintech, and sustainability.
DeTect plans to use the fresh funds to expand internationally and supplement the core R&D focus of the company.
According to Daniel Raj David, Co-founder, DeTect, the company would also use the fresh capital to build manufacturing capability for mass producing its patented technology products — NOCTUA and GUMPS, a drone and a sensor respectively, used widely in the oil & gas industry.
Adding further, David said that DeTect has a team of 80 and expects to increase it to 140-150 employees. The company has nearly 40 Indian clients and 3 global clients — from the US, the UK, Portugal, and Singapore.
David emphasized that the growing partnership with SAIF would not only help the company with an expanded capital base but will also propel the company’s ambitions to cater to oil companies and refineries around the globe and take indigenous core technology built in India to the rest of the world.
According to Mridul Arora, Managing Director, SAIF Partners, DeTect team brings a rare combination of global market opportunity, deep domain expertise, and high entrepreneurial energy.