Ergonomic technology company Soter Analytics has secured $12m (£9m) of new capital in its latest Series A funding round, which will be used to drive expansion plans and further research and development.
The company is working to prevent work-related musculoskeletal disorders (MSD), which involves injuries to muscles, bones, tendons, and nerves. It reported that three out of every five workers in the EU report MSD complaints.
Soter is developing ergonomic wearables and AI-driven technology that increases retention, engagement, and productivity through personalised proactive injury prevention solutions.
Soter’s AI-driven vision processing technology and wearables can be applied across a wide range of industries, including warehousing, manufacturing, and construction. The company’s technology is designed to empower workers with the autonomy to follow and track their progress, complete manual handling training tutorials at their own pace, and also provides personalised training which has proven to shift safety cultures, reducing employee turnover and lost time injuries.
Furthermore, Soter’s technology tracks all significant back and shoulder movements, identifying more than 100 million hazards and safe movements since inception, covering multiple industries across the globe. Its wearable technology and analytics dashboard has grown, providing a 55% reduction in manual handling injuries.
The company added alongside its worker engagement is its ability to integrate the wearables into any existing customer hardware, overcoming numerous barriers with participation in the workplace wearables market.
Soter supports organisations across the world, including clients such as Travis Perkins, Wincanton, and Merck Animal Health in the UK; Giant Eagle Supermarkets, Coca-Cola and Gap in the US; and Woolworths and Roy Hill in Australia.
This latest funding round was led by AV8 Ventures, supported by OTB Ventures, btov Industrial Technologies Fund and Verve Ventures, and with previous backing from Startup Wise Guys.
Matthew Hart, founder and CEO at Soter Analytics, said: “Today marks an important milestone for Soter Analytics and our mission to empower organisations to make their workplace safer.
“Our bespoke technology provides an end-to-end safety solution through AI and machine learning, and this fundraise shows that our investors and partners have recognised the strength of our product.
“This fresh capital will allow us to invest in research and development and work alongside organisations to help them improve workplace safety, decrease employee turnover, and enable injured workers return to work faster.”
