Soter Analytics raises £ 9 million for workplace safety equipment


Soter Analytics won $ 12 million (£ 9.2 million) in the A-Series Round under AV8 Ventures.

Soter Analytics will use the funding to increase research and development of its wearable devices using artificial intelligence (AI) designed to prevent workplace injuries.

Soter Analytics will also 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 dedicated technology provides a comprehensive security solution through artificial intelligence and machine learning, and this fundraiser shows that our investors and partners have recognized the power of our product,” said Matthew Hart, founder and CEO of Soter Analytics.

Soter wearable devices track the back and shoulder movements of users to provide manuals for manual processing and personal training that tracks user progress. It can be used in warehousing, manufacturing and construction.

The company, headquartered in London, says its technology has detected more than “100 million hazards and safe movements.”

Additional funding came from investors OTB Ventures, btov Industrial Technologies Fund and Verve Ventures.

Founded in 2015, Soter Analytics technology is used by Travis Perkins, Coca-Cola, Gap and Woolworths. Pre-funding includes £ 950,000 in the opening round in May 2018.

AV8 Ventures, launched in 2018, invests in smart enterprises in the early stages, in healthcare, fintechnology and insurtechnology.

“Musculoskeletal injuries (MSDs) are becoming a growing concern in all industries, affecting the lives of many employees and costing billions of dollars each year. Many Fortune 500 leaders stressed the need for an effective security solution. That’s where Soter Analytics shines, ”said Boris Aksoy, general partner of AV8 Ventures.

Soter Analytics operates in the global market for industrial wearables, which is estimated to be worth it $ 8.4 billion (£ 6.4 billion) by 2027.

This month, biomedical startup Adapttech raised £ 2.25 million continue to develop smart, wearable technology to help people with disabilities.

Soter Analytics raises £ 9 million for workplace safety equipment

Source link Soter Analytics raises £ 9 million for workplace safety equipment