Smartvid.io Raises $5M from Sony Innovation Fund, IA Capital and others to Sharply Reduce Accidents on Architecture, Engineering & Construction Jobsites
Sony Corporation of America - 12/09/2020
CAMBRIDGE, Mass., Dec. 9, 2020 /PRNewswire/ -- Smartvid.io, an AI-powered construction safety platform, today announced a $5 million round of new funding from Sony Innovation Fund (SIF) and IA Capital Group. Joining the round were prior investors, Building Ventures, Companyon Ventures and Converge, among others. This new round brings the total amount of funding that Smartvid.io has raised to $21 million.
Smartvid.io's platform helps reduce risk in the AEC industry by improving safety, quality and productivity through the combined power of human and artificial intelligence. The value it brings to the industry has been recognized by both construction companies, as they become more data-driven, and by insurance firms, looking to reward those companies who are mitigating their risk.
Most recently, Smartvid.io's data has also been used broadly by the industry to understand COVID-19 responses by region across the country. Metrics are available as published in this related report showing how the construction industry is implementing and enforcing mask wearing, glove wearing and social distancing. This data helps firms benchmark their own programs and understand where they can improve against the backdrop of the industry as a whole.
"Smartvid.io has demonstrated strong commercial traction both with top-tier construction companies in the US, EU and Japan, as well as insurance carriers," said Gen Tsuchikawa, CEO and Chief Investment Officer for the Sony Innovation Fund (SIF) and Innovation Growth Ventures (IGV). "By harnessing a very concrete and pragmatic use of machine vision in an industry vertical that is still analog and fragmented, Smartvid.io provides a cutting-edge example of how advanced technologies can be applied to solve difficult problems, while still blending into the existing work process. This investment marks our very first investment in the AEC space and we couldn't be more excited to have expanded our industrial portfolio with Smartvid.io."
Over the last 12 months, Smartvid.io's platform has dramatically cut incident rates by as much as 50 percent for some of the world's largest construction companies, including Suffolk Construction, Warfel Construction and Barton Malow.
"Smartvid.io is among the most inspiring next-generation AI tools that can help insurance carriers and their clients mitigate risk," said Matt Perlman, Partner at IA Capital Group. "With unparalleled experience and credibility as pioneers in construction technology, Josh and his team's source-agnostic, low friction approach to technology positions them as the clear leader in delivering predictive insights across AEC jobsites."
Smartvid.io's Safety Suite includes monitoring, observations and predictive analytic modules that aggregate data from multiple sources to help trend and predict risk. Their computer vision models provide input to proprietary predictive algorithms that can accurately forecast 85% of the jobs that will experience a recordable incident within a week.
"These exciting investments from mainstream firms validate both our technology platform and its ability to reduce recordable incidents," said Smarvid.io CEO Josh Kanner. "It also opens up a new market for us and validates our ability not just to improve safety, but also bring down insurance costs."
To learn more about how you can reduce jobsite risk, visit www.Smartvid.io
Smartvid.io is an AI-powered construction safety platform that significantly reduces jobsite risk and overall project cost by combining the best of human and artificial intelligence. Our Safety Suite, featuring "Vinnie" the AI engine, built specifically for the construction industry, gives project teams and management solutions to trend, predict and prevent safety risks. Smartvid customers use the metrics and predictive analytics to reduce incident rates and claims, negotiate preferential insurance rates from their carriers, and win new business. We integrate seamlessly to Autodesk BIM360, Procore, Oracle Aconex, SharePoint, Egnyte, Box, and other data sources. Headquartered in Cambridge, MA, Smartvid.io's goal is to reduce risk in the AEC industry. Learn more at Smartvid.io.
About IA Capital Group
IA Capital is the longest-tenured independent venture capital firm focusing on insurtech. Based in New York City, IA Capital has a two-decade track record of successfully partnering with innovative early and growth stage companies in insurance and—more broadly—financial services. IA is currently investing in its sixth, seventh, and eighth venture capital funds and manages strategic venture capital programs for 15 insurers. Learn more at iacapgroup.com.
About Sony Innovation Fund
Established in July 2016 by Sony Corporation, Sony Innovation Fund engages with pioneering startups to help fuel the development of disruptive technologies and launch new businesses. In addition to investment, Sony Innovation Fund closely collaborates with the startups in which it invests, connecting them with businesses throughout Sony and its worldwide network of partners, providing guidance and advice, and collaborating with them to help achieve common success. Learn more at www.sonyinnovationfund.com
SOURCE Sony Innovation Fund