Smartvid.io raises $5 million
AI-powered construction safety platform Smartvid.io 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.
“Smartvid.io has demonstrated strong commercial traction both with top-tier construction companies in the US, EU and Japan, as well as insurance carriers. 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.” – Gen Tsuchikawa, CEO and Chief Investment Officer for the Sony Innovation Fund (SIF) and Innovation Growth Ventures (IGV).
“Smartvid.io is among the most inspiring next-generation AI tools that can help insurance carriers and their clients mitigate risk. 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.” – Matt Perlman, Partner at IA Capital Group.
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. It also opens up a new market for us and validates our ability not just to improve safety, but also bring down insurance costs.” – Smarvid.io CEO Josh Kanner.