SaaS firm Detect Technologies raises $28 million in Series B

CIOTechOutlook Team | Friday, 15 July 2022, 08:34 IST

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In its Series B round, managed by Prosus Ventures, the software-as-a-service (SaaS) company Detect Technologies has raised $28 million in primary and secondary funding. Participating in the round were existing investors Accel and Elevation Capital, Shell Ventures, Bharat Innovation Fund, and Bluehill Capital.

According to the company, these investments will be used to broaden its product line and boost sales and operations across foreign markets in North America and Europe.

Detect Technologies provides cloud-based applications to industries to automate and enhance visibility of industrial risks and improve productivity.  

“Our vision is to provide actionable intelligence to help industries mitigate their risks while achieving their business objectives sustainably. We are grateful for the confidence bestowed upon us by our investors, and look forward to accelerating our market expansion,” said Daniel Raj David, CEO and co-founder, Detect Technologies.

The company claims that its insights have helped industries improve workplace safety, monitor work processes effectively, increase visibility of external risks on their infrastructure and improve productivity.

“Frontline worker safety and asset productivity are massive unsolved global problems, with significant financial and ESG-related implications. Detect team has done a phenomenal job in building a machine learning based, plug and play cloud solution to automate detection of safety violations on a near real-time basis, which is reflected in their market leadership, quality of logos and the recent as well as expected scale up in the business,” Ashutosh Sharma, head of investments, India, at Prosus Ventures, said.

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