Dublin-based startup preventing workplace accidents before they happen, Protex AI has raised $18 million in funding to expand its teams to meet the demands of the global market and expand its U.S. operations.
Leading the round was Notion Capital, with participation from Playfair Capital, Elkstone, and Firstminute Capital. Flexport and SCOR Ventures also made strategic investments in the round.
Founded by Dan Hobbs and Ciarán O’Mara, the Y Combinator-backed startup utilises AI and computer vision to help identify unsafe behaviour in work settings. The company claims its platform leverages the existing domain knowledge of health and safety (H&S) teams and allows them to configure flexible safety rules. The software then autonomously and continuously performs safety audits, identifying risk and danger before it becomes a problem. The company works with existing CCTV systems to continuously audit safety procedures. By using the platform, companies can help protect their workers and ensure their workplace is safe. Currently, its client base includes the likes of leading U.K. retailer Marks & Spencer (M&S).
Dan Hobbs, CEO of Protex AI, said: “There’s a need for solutions to improve safety standards in industry. With the cost of workplace accidents estimated at $171 billion in the U.S. alone due to losses in productivity, insurance, and medical expenses, safety technology is a growing space as companies look to prevent huge losses in costs and time. The investment is also a strong endorsement that the technology we’re building at Protex AI is the right solution to revolutionise modern safety practices.”
Kamil Mieczakowski, principal of Notion Capital added: “Protex is a leader in the proactive safety technology market and has quickly become the go-to platform for leading global enterprises wanting to achieve health and safety excellence. The founding team’s deep domain expertise in building computer vision products has already translated into an extraordinary level of traction for a company of their stage, and we’re excited to be investing in the business to drive the further development of their platform and to put more resources into marketing, sales and increasing the company’s global footprint.”
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