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IIT-M startup Detect Technologies raises $12 m © Provided by The Times of India
Chennai: IIT-Madras incubated industrial AI startup Detect Technologies has raised $12 million in funding in a round led by Accel with participation from existing investors Elevation Capital, Bharat Innovation Fund,BlueHill Capital, and Axilor Ventures. Venture debt fund Stride Ventures also participated.
The startup said it will utilize this capital to further expand and strengthen its sales and operations teams across India and global markets of North and South America, Singapore, Indonesia, Middle East, and Europe in order to fulfil the increasing demand for industrial automation.
Part of the funds will also be used for R&D and product innovation.
Detect Technologies gets $12 million funding from Accel, others
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Last Updated: Jun 30, 2021, 06:01 AM IST
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Synopsis
Industrial AI startup Detect Technologies’ funding round comes at a time when it’s looking to grow its presence overseas to tap the rising demand for automation amid a pandemic.
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Industrial AI startup Detect Technologies works with over 45 customers, including Shell, Tata Steel, ExxonMobil, Adani Group and Reliance Industries.
Bengaluru:Industrial AI startup Detect Technologies has raised $12 million in a funding round led by US venture capital firm
Accel, as it looks to grow its presence in markets such as North America, Middle East and Southeast Asia driven by rising demand for automation on the back of the Covid-19 pandemic.