Soter Analytics receives $12m to prevent workplace injuries
Soter Analytics has received $12 million in funding, to tackle work-related musculoskeletal disorders (MD) with wearable technology.
The 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.
Work-related musculoskeletal disorders (MSD) involve injuries to muscles, bones, tendons and nerves. Three out of every five workers in the EU report MSD complaints. Soter Analytics is developing ergonomic wearables and AI-driven technology that increases retention, engagement and productivity through personalised proactive injury prevention solutions.
The technology and wearables can be applied across a wide range of industries, including warehousing, manufacturing and construction. It gives workers 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.
Soter’s technology tracks all significant back and shoulder movements, identifying more than 100 million hazards and safe movements since its inception. The wearables market has grown significantly, with the global industrial wearables market size expected to reach $8.4 billion by 2027. Following the new funding round, Soter Analytics will continue growing its market share in the US, Europe and the UK, as well as expand into new markets across Europe, particularly France, Germany, Netherlands and Scandinavia. The company will also leverage the successes it has achieved in the industries it currently serves to expand into new workplace environments.
“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,” said Matthew Hart, Founder and CEO at Soter Analytics.
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