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Limerick-based Protex AI will use the newest funding to develop its engineering and industrial groups and broaden on either side of the Atlantic.
Industrial office security startup Protex AI introduced at present (Aug 29) that it has raised $18 million in its newest funding spherical to broaden its expertise in Europe and North America.
Co-founded final 12 months by CEO Dan Hobbs and CTO Ciarán O’Mara, the Limerick-based firm makes use of laptop imaginative and prescient expertise to determine well being and questions of safety, decrease accidents and make industrial workplaces safer. insurance coverage.
By connecting to present CCTV infrastructure, Protex AI can leverage synthetic intelligence software program to audit consumer workplaces within the port, logistics and manufacturing industries.
The corporate was one in all 5 start-ups with Irish roots to earn a spot within the prestigious Y Combinator 2021 program.
The Sequence A funding spherical was led by UK non-public fairness agency Notion Capital. Different sponsors included new and present traders equivalent to Firstminute Capital and SCOR Ventures, in addition to logistics and provide chain firm Flexport.
“The strategic funding by Flexport and SCOR Ventures is a transparent indicator that there’s a want for technology-based options to radically enhance safety requirements within the trade. Protex AI has a compelling proposition to deal with this want,” mentioned Hobbs.
He calculated the price of office accidents within the US alone to be $171 billion on account of misplaced productiveness, insurance coverage, and medical bills. “Safety expertise is a rising house as corporations look to keep away from large value and time losses.”
Previous to co-founding Protex AI, Hobbs additionally co-founded a cloud-based administration platform, BetterExaminations, which was acquired by Irish increased schooling expertise firm TerminalFour.
“The funding can also be a powerful endorsement that the expertise we’re constructing at Protex AI is the appropriate resolution to revolutionize the way in which trendy safety is practiced,” he added.
The most recent funding will probably be used to broaden the corporate’s engineering and enterprise groups to satisfy world calls for for its expertise and proceed to innovate within the house.
With round 20 folks at the moment employed at Protex AI, the startup hopes to rent a further 30 subsequent 12 months because it ramps up its enterprise and expertise groups. It additionally plans to open a US workplace subsequent 12 months to serve the North American market.
“One of many positives of the Covid pandemic has been the elevated appreciation for blue collar staff whose well being and security is now one of many key subjects of debate inside company boardrooms,” mentioned Kamil Mieczakowski, director of Notion Capital. .
“Protex is a market chief in proactive security expertise and has rapidly grow to be the go-to platform for the world’s main corporations in search of to attain excellence in well being and security.”
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Protex AI bags $18m to expand workplace safety tech globally