Chennai-based DeTect Raises $3.3M for Pipeline Monitoring
Chennai, India startup Detect Technologies raised $3.3 million from SAIF Partners in a Series-A round of funding, marking the VC's third investment in the Internet of Things space. Bharath Innovation Fund, Axilor Ventures, BlueHill Capital and angel funds from the Keiretsu Forum also participated.
Founded in 2016 by IIT-Madras alumni Daniel Raj David, Harikrishnan AS, Karthik R and Tarun Mishra, DeTect Technologies has 50 employees. The company has operations in Chennai, Bengaluru, Jamnagar and the London and Aberdeen UK.
Daniel Raj David, CEO and Co-Founder, DeTect Technologies said, " Our goal here at DeTect Technologies is to leverage high end engineering talent, build deep technology, design cutting edge infrastructure and create high end patented solutions for asset risk monitoring and also estimating their life predictions. By developing sensor technology, drone technology, image processing and machine learning algorithms here in India, our technologies are focused on improving operational efficiencies for industries at large by helping them enhance monitoring and increase safety and accuracy."
DeTect has patented technology for two distinct products, GUMPS and NOCTUA.
GUMPS can monitor pipeline thickness change in real time and is capable of withstanding very high temperatures. NOCTUA, on the other hand is also used for inspections but it is in the form of a drone that can be effective in making inspection in areas inaccessible to humans. Oil & Gas sector has found these products very useful in their operations. Workplace safety and reducing risks involved in routine operations are some of the objectives that DeTect pursues and is prepared to work on researching further in developing patented technologies in this field. They have global ambitions and are working towards that.
Mridul Arora, Managing Director, SAIF Partners said, "We are very excited to partner with the DeTect team as they bring a rare combination of deep domain expertise, global market opportunity and high entrepreneurial energy. Global oil and gas majors have flocked to DeTect to take advantage of DeTect’s asset monitoring and inspection solutions and we’re confident that the team will continue to expand its global footprint. The SAIF team is proud to support the ambitions of deep tech Indian startups such as DeTect. "