Soter Analytics raises $12 million to help prevent workplace injuries
Soter Analytics secures $12 million in Series A round to prevent workplace injuries with artificial intelligence and wearable technology
- Series A round led by AV8 Ventures, supported by OTB Ventures, btov Industrial Technologies Fund, Verve Ventures and with previous backing from Startup Wise Guys
- Proceeds will be used to fund further R&D of wearable and AI-driven technology solutions to prevent workplace musculoskeletal injuries, which currently cost $140 billion annually
London, United Kingdom, 19 April 2022 – Soter Analytics (“Soter”), a global ergonomic technology company, has secured $12 million of new capital in its latest funding round. The investment will help drive expansion plans and further research and development in the Company’s smart technology solutions which helps organisations keep their workers safe. 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 cutting-edge ergonomic wearables and AI-driven technology that increases retention, engagement, and productivity through their personalised proactive injury prevention solutions. Soter’s AI-driven vision processing technology and wearables can be applied across a wide range of industries, including warehousing, manufacturing, and construction. The Company’s technology empowers workers with 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 inception, covering multiple industries across the globe. Its wearable technology and analytics dashboard has grown exponentially, providing a 55% reduction in manual handling injuries. Furthermore, the kernel to Soter’s worker engagement is the ability to integrate its wearables into any existing customer hardware, overcoming numerous barriers with participation in the workplace wearables market.
Today, Soter supports organisations across the world, including clients such as Travis Perkins, Wincanton, and Merck Animal Health in the UK; Giant Eagle Supermarkets, Coca-Cola and Gap in the US; and Woolworths and Roy Hill in Australia.
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.
Matthew Hart, Founder and CEO at Soter Analytics, commented: “Today marks an important milestone for Soter Analytics and our mission to empower organisations to make their workplace safer. 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”.
Baris Aksoy, General Partner at AV8 Ventures, commented: “Work related 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. 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.”
Marcin Hejka, Co-founder and General Partner at OTB Ventures, said: “This is an important milestone for Soter Analytics and we are thrilled to be backing the team at this crucial point. Occupational health has become more important than ever as organisations around the world strive to enable a safe working environment for their employees. Today, accurate data insights can alter the way businesses think about their day-to-day operations. Soter is a great example of cutting-edge technology, enhancing working experience and ensuring staff safety. We are proud to support their international expansion and their ambition to transform the modern workplace with ground-breaking occupational health and ergonomics solutions.”
Dr. Christian Schütz, General Partner at the btov Industrial Technologies Fund, said: “Due to the high number of lost work days as a result of injuries and the ever-increasing pressure on employers, many companies in various industries are looking to implement workplace safety and injury prevention programmes. Soter’s team has developed a compelling technology solution that is easy to install and use, delivers accurate results and is tailored to the client’s needs. We were impressed by the team’s execution skills and entrepreneurial spirit. We look forward to supporting the company’s growth and working with strong consortium partners.”