Smartvid.io Raises $5 Million From Sony, IA Capital and More to Reduce Jobsite Accidents
Although the spread of coronavirus is at the top of most everyone’s minds, reducing the number of jobsite accidents still remains a high priority. AI-powered construction safety platform Smartvid.io proved this recently when it announced that it had earned a $5 million round of new funding from Sony Innovation Fund (SIF) and IA Capital Group.
The platform’s previous investors, Building Ventures, Companyon Ventures and Converge, also joined the round with others. This has brought the total amount of funding that Smartvid.io has raised to $21 million. With computer vision models, Smartvid.io uses proprietary predictive algorithms that can forecast 85% of the jobs that experience a recordable within a week.
“These exciting investments from mainstream firms validate both our technology platform and its ability to reduce recordable incidents,” Smartvid.io CEO Josh Kanner stated. “It also opens up a new market for us and validates our ability not just to improve safety, but also bring down insurance costs.”
“Smartvid.io provides a cutting-edge example of how advanced technologies can be applied to solve difficult problems, while still blending into the existing work process.”
The platform has cut incident rates by as much as 50% over the last 12 months for construction companies such as Suffolk Construction, Warfel Construction and Barton Malow. It also has helped the industry understand COVID-19 responses by region across the country.
“Smartvid.io has demonstrated strong commercial traction both with top-tier construction companies in the U.S., EU and Japan as well as insurance carriers,” SIF and Innovation Growth Ventures CEO and Chief Investment Officer Gen Tsuchikawa said. “By harnessing a very concrete and pragmatic use of machine vision in an industry vertical that is still analog and fragmented, Smartvid.io provides a cutting-edge example of how advanced technologies can be applied to solve difficult problems, while still blending into the existing work process.”