IIT-M startup Detect Technologies raises $12 m

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.