Chennai-based IoT startup DeTect Technologies has raised INR 24 crores ($3.3 million) in Series A funding round led by SAIF Partners. The round also saw participation from BlueHill Capital, Axilor Ventures, Bharath Innovation Fund and Keiretsu Forum.
The Internet of Things startup plans to use the funds to expand globally and build manufacturing capabilities for mass production. DeTect Technologies has patented technology products NOCTUA and GUMPS.
Both the products are focused on boosting the productivity of industries by increasing the efficiency and reducing the opportunities for manual error. The startup also aims to double its employee count.
Founded by IIT-Madras alumni Tarun Mishra, Harikrishan AS, Karthik, Raj David and Krishnan Balasubramanian in 2013, the startup has grown in gradually and has the potential of becoming a global leader in asset integrity and monitoring solutions.
“The focus is on risk analysis across different industries, but predominately in the Oil and Gas sector,” Daniel said. He added, “By developing sensor technology, drone technology, image processing, and machine learning algorithms in India, our products focus on improving operational efficiencies for industries at large by helping them enhance monitoring, and increasing safety and accuracy.”
The recent development will help DeTect Technologies to focus on research and development. Currently, the startup has bases in Chennai, Bengaluru, Jamnagar and the United Kingdom.
Speakaing about product development, Daniel said to YourStory, “We built close to 15-20 different technological solutions, but realised that we wanted to focus on a product that would solve a core problem that could revolutionalise the sector. This got us to think of two problems – pipeline leakage and corrosion, and inspection of large volume assets. Many people lose their life due to pipeline explosions. Our research showed that there was no technology that could monitor pipeline integrity in real time and in temperatures beyond 100 degrees Celsius. Refineries have pipelines with temperatures that go over 200 degrees Celsius.”
GUMPS is the very first sensor that monitors pipeline thickness changes in real time by leveraging machine learning algorithms. This increases the efficiency of the inspection process. The product can operate at temperatures of up to 300 degree Celsius. The whole structure can be scanned to give exact data and updates.
NOCTUA, on the other hand, is an industrial drone which is custom-made for the industry inspection processes. The drone can conduct automated visual and thermal inspection of industrial infrastructure. It reduces the maintenance and inspection efforts including scaffolding.
Mridul Arora, Managing Director, SAIF Partners, in a press statement, said, “We are very excited to partner with the DeTect team as they bring a rare combination of deep domain expertise, global market opportunity, and high entrepreneurial energy. Global oil and gas majors have flocked to DeTect to take advantage of their asset monitoring and inspection solutions, and we’re confident that the team will continue to expand its global footprint.”
DeTect Technologies is focused on leverage engineering talent to build deep technology and design cutting-edge infrastructure. It further aims to create more patented solutions in the future. The firm has clients within India and is working with companies in the UK, Portugal, Singapore and the US.
The startup aims to leverage high-end engineering talent, build deep technology, design cutting-edge infrastructure and create high-end patented solutions for asset risk monitoring and to estimate life predictions. They currently have clients within India and are also working with companies in the US, the UK, Portugal, and Singapore.