Perth-founded, London-based, Soter Analytics has announced US$12 million (AU$16 million) of new capital in its latest funding round.
The global ergonomic tech company had previously won a $20,000 Innovation Voucher from the state government back in 2017, and said the investment will drive its expansion plans and further research and development of the company’s smart tech solutions which assist organisations in keeping workers safe.
AV8 Ventures led the funding round supported by OTB Ventures, btov Industrial Technologies Fund and Verve Ventures, with previous backing from Startup Wise Guys.
Soter Anlaytics is developing ergonomic wearables and AI-driven technology that seeks to increase retention, engagement and productivity through proactive injury prevention solutions. The wearable market continues to grow significantly; the global industrial wearables market is set to reach $8.4 billion by 2027.
Work-related musculoskeletal disorders (MSD) involve injuries to tendons, bones, muscles and nerves. In the EU, three out of every five workers report MSD complaints. This is when Soter’s tech comes in to play, which can be applied across a range of industries such as warehousing, manufacturing and construction.
This equips workers with the autonomy to follow and track their progress, such as by completing manual handling training tutorials at their own pace. Also, personalised training is provided – something which has been proven to shift safety cultures, reducing turnover of employees and lost time injuries.
To date, their tech has identified over 100 million hazards and safe movements across multiple industries, with a 55% reduction in manual handling industries.
Clients range from Travis Perkins, Wincanton and Merick Animal health in the UK to Giant Eagle Supermarkets, Coca-Cola and Gap in the US to Woolworths and Roy Hill in Australia.
“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 Soter Analytics founder and CEO, Matthew Hart.
AV8 General Partner Baris Aksoy added that many Fortune 500 leaders have highlighted the urgency for an effective safety solution.
“This is where Soter Analytics shines,” he said.
“We were impressed with how the company’s unique AI driven solution achieved significant reduction in MSD injury claims at industrial enterprises. We are excited to be supporting Soter Analytics’ strong commitment to enable a safe work environment for the invaluable industrial workforce at the world’s largest enterprises.”
OTB Ventures Co-founder and General partner Marcin Hejka added that accurate data insights influence the way businesses reflect about their day-to-day operations, something that drew their attention to Soter.