IoT firm Detect Technologies Secured $3.3 million for International Expansion
A Chennai-based internet of things (IoT) company known as Detect Technologies has reportedly secured funds amounting to $3.3 million (Rs 23.6 crore) from SAIF Partners in a Series A round of funding. This funding marks the VC fund’s third such investment in the Internet of Things space.
Backers like Bharath Innovation Fund, Axilor Ventures, BlueHill Capital and a few angel funds from the Keiretsu Forum also participated in the round.
The company is planning to use these funds for international expansion, starting with Europe, and for building manufacturing capability for mass production of its patented technology products, Gumps and Noctua.
Founded in 2016 by IIT-Madras alumni Daniel Raj David, Harikrishnan AS, Karthik R and Tarun Mishra, the startup uses its drone (Noctua) and an...