DeTect Technologies, an IoT tech startup incubated by IIT Madras, has raised an undisclosed amount of funding from IIM Ahmedabad’s CIIE, Axilor Ventures and angel network Keiretsu Forum. The round was led by AJ Ventures and Investments of the Refex Group.
Founded by IIT Madras alumni Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra and professor Krishnan Balasubramanian, DeTect technologies provides solutions to enhance the productivity in industries through Artificial intelligence and NDE. The startup builds tech solution for asset monitoring in the heavy industrial sector.
DeTect Technologies had received initial capital from the IIT Madras incubation cell through one of its first clients as Reliance Industries.
Commenting on the funding, CEO Daniel Raj David said, “We will use the funding on R&D and expansion to cater to international clients. We are also set to start using our products for indoor application for asset inspection.”
DeTect Technologies has built a drone called Noctua, that they offer to country’s leading organizations, including BPCL, HPCL and Tata, among others. The startup has also developed an ultrasonic sensor called GUMPS that predicts oil and gas leakages and detect them if they occur.
Ashwin Raguraman, Partner at CIIE’s Bharat Innovation Fund said, “DeTect’s IoT product for high temperature and inaccessible pipelines and other industrial assets is at the cutting edge of technology and demonstrates how deep technology, which is globally competitive, is being built out of India. We are excited to support DeTect in its journey from having a world-class product to becoming a world-class business.”
Earlier this year, DeTect Technologies has received the “WIEF-SBI Startup Of The Year” award along with $12K cash at the Fourth Wharton India Startup Competition in January.