Indian Economy News

Industrial AI startup Detect Technologies raises US$ 28 million

  • IBEF
  • July 18, 2022

Detect Technologies, an industrial AI startup firm has raised US$ 28 million in a secondary funding round led by Prosus Ventures. The round also saw participation from existing investors Accel, Elevation Capital, Shell Ventures, Bharat Innovation Fund and Bluehill Capital.

Post-money valuation for the startup stood over US$ 140 million, a 3.5x jump compared from the last round. The startup has raised US$ 378 million so far.

The startup plans to use the funds for promotions and sales in the US and European markets. A portion of the funds will also be used to strengthen the range of product offerings. Additionally, Detect wants to attract the best candidates for jobs in sales and marketing.

Detect Technologies has also established a presence in Houston, Texas as their North American headquarters. The company has also signed multi-year global contracts with Fortune 500 industries.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.