Wearable tech company Soter Analytics has secured $12m (£9.2m) in its Series A round led by AV8 Ventures.
Soter Analytics will use the funding to boost R&D of its wearable, artificial intelligence (AI) powered wearables designed to prevent injury in the workplace.
Soter Analytics will also continue to grow its market share in the US, Europe and the UK. As part of this expansion, Soter plans to expand into France, Germany, Netherlands and Scandinavia.
“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,” said Matthew Hart, founder and CEO, Soter Analytics.
Soter’s wearables track users’ back and shoulder movements to provide manual handling training tutorials and personalised training that tracks users’ progress. It can be used in warehousing, manufacturing and construction.
The London-headquartered company says its technology has identified over “100 million hazards and safe movements”.
Additional funding came from investors OTB Ventures, btov Industrial Technologies Fund and Verve Ventures.
Founded in 2015, Soter Analytics’ technology is used by Travis Perkins, Coca-Cola, Gap and Woolworths. Previous funding includes £950,000 in a seed round in May 2018.
Launched in 2018, AV8 Ventures invests in early-stage intelligent enterprise, healthcare, fintech and insurtech startups.
“Work-related musculoskeletal disorders (MSD) injuries have become a growing concern for all industries, affecting the lives of many employees and costing billions of dollars every year. Many Fortune 500 leaders highlighted the urgency for an effective safety solution. This is where Soter Analytics shines,” said Baris Aksoy, general partner, AV8 Ventures.
Soter Analytics is operating in a global industrial wearables market that is estimated to be worth $8.4bn (£6.4bn) by 2027.
This month, biomedical startup Adapttech raised £2.25m to continue developing its smart, wearable tech to help people with physical limitations.