Consumables technology company Soter Analytics has received $ 12m (£ 9.2m) in its Series A round led by AV8 Ventures.
The funding will be used by Soter Analytics to boost R & D on its consumables, powered by artificial intelligence (AI) designed to prevent workplace injury.
Soter Analytics will continue to grow its market share in the US, Europe and the UK. As part of this expansion, Soter plans to expand into France, Germany, the Netherlands and Scandinavia.
“Our bespoke technology provides a one-to-one security solution through AI and machine learning, and this fundraiser demonstrates that our investors and partners have recognized the strength of our product,” said Matthew Hart, founder and CEO of Soter Analytics.
Soter wearables track users ‘back and shoulder movements to provide handling training tutorials and personalized training that tracks users’ progress. It can be used in warehousing, manufacturing and construction.
The London-based company says its technology has identified over “100 million hazards and safe movements”.
Additional funding came from investors OTB Ventures, btov Industrial Technologies Fund and Verve Ventures.
Founded in 2015, Travis Perkins, Coca-Cola, Gap and Woolworths use Soter Analytics technology. Previous funding includes £ 950,000 in a seed round in May 2018.
Launched in 2018, AV8 Ventures invests in smart startup, healthcare, fintech and insurtech businesses.
“Work-related musculoskeletal disorders (MSDs) are a concern for all growing industries, affecting the lives of many employees and costing billions of dollars each year. Many Fortune 500 leaders have drawn attention to the urgency for an effective safety solution. This is where Soter Analytics enjoys, ”said Baris Aksoy, general partner, AV8 Ventures.
Soter Analytics is operating in a global apparel market that is considered worthwhile $ 8.4bn (£ 6.4bn) by 2027.
This month, Adapttech biomedical startup raised £ 2.25m continue to develop its consumable smart technology to help people with physical disabilities.
Soter Analytics raises £ 9m to spend on workplace safety
Source link Soter Analytics raises £ 9m to spend on workplace safety