Construction technology startup SafeGuard AI Inc. Co. today said it raised an $8 million Series A funding round to develop its technology that uses machine learning to predict and prevent accidents during construction. The company also said it plans to expand the use of its decision-making toolset beyond construction to include compliance coverage.
Citing statistics that show that nearly three workers die each day in the construction industry and injuries occur every three minutes, SafeGuard said its technology can significantly improve safety by collecting data simultaneously from multiple sources such as cameras, sensors and drones and then applying analytics to identify areas with a high risk of human error.
It said its machine learning capabilities can identify and stop a construction worker on the verge of making a mistake in real-time by, for example, locking down a hazardous area. The same technology also be applied to industries such as manufacturing, maritime and agriculture.
SafeGuard said one international construction firm lowered the number of fatal accidents on its construction sites from 10 to one over comparable three-year periods. It also said indirect costs were reduced and stop work orders, which suspend work until a problem is fixed or parties reach an agreement, were more easily appealed.
The Tel Aviv-based company said it will sell its software exclusively to the construction industry in the U.S. under a daughter company called Otoos.
Funding was led by individual investors Ron Zuckerman and Hillel Kobrinsky with additional support from a cadre of real estate investors.
Your vote of support is important to us and it helps us keep the content FREE.
1-click below supports your our mission for providing free content.
Join the community that includes over 15k #CubeAlumni of experts including Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.