Voxel, a start-up using computer vision to transform safety and operations in the workplace, has announced the closure of its US$15m (£12.3m) Series A funding round led by Eclipse Ventures with participation from MTech and World Innovation Labs.
Since raising its seed round in September, Voxel has worked to decrease on-site injuries by upwards of 80% and increasing operational productivity by over 20% at its initial customer sites. This latest round of funding brings total equity raised to US$18m (£14.7m).
Using computer vision technology and AI, Voxel integrates with existing security cameras to identify hazards, risky behaviours, and operational inefficiencies across a diverse range of workplaces. Once an event such as a spill, speeding vehicle, or ergonomics issue is identified, a real-time alert is sent to on-site personnel who can take immediate action.
Furthermore, Voxel’s analytics help sites identify operational inefficiencies and design policies to prevent future issues. The start-up said these proactive measures allow businesses to reduce worker’s compensation and general liability costs, while improving operations.
“Site safety and operations are often a reactive and manual process, where security cameras are reviewed after issues occur,” said Alex Senemar, CEO of Voxel. “Voxel is the first solution to allow companies to proactively identify key behaviours that lead to costly injuries using their existing camera infrastructure.”
Voxel also aims to change how insurance companies underwrite risk and seeks to strengthen the relationship between insurers and customers through data and actionable intelligence. The company stressed it is commitment to privacy and security, and its algorithms do not track any personally identifiable information.
“We are at an inflection point in terms of rebuilding US manufacturing, logistics, and physical operations, which represent over 40% of the US GDP. Voxel’s technology catalyses tangible results and lasting change in the safety and efficiency of their customer’s operations,” said Aidan Madigan-Curtis, partner at Eclipse Ventures and Voxel board member.
“The Eclipse team believes Voxel’s core architecture, which takes a non-intrusive approach by leveraging existing camera infrastructure, and their cutting-edge AI applications will enable Voxel to become a category-leader in software and AI applications across a multi-trillion dollar set of physical-industry sectors.”
