International safety-tech business SafeGuard has announced an $8m (c.£6.45m) Series A funding round led by hi-tech investors Ron Zuckerman and Hillel Kobrinsky.
Real estate investors including Ronen Peled, Yehuda Rachamim, Zemach Hammerman, and Wall Street investor Jeffrey Schoenfeld are also participating in the round.
SafeGuard is also announcing the creation of Otoos, a daughter company that will focus exclusively on the construction industry in the US.
Last, SafeGuard says it plans to expand the use of its end-to-end decision-making solution beyond construction to cover compliance, safety, and more in other industries.
SafeGuard says its technology prevents accidents in real time with its automated decision-making platform.
Its algorithms identify on-site human error patterns and use AI to predict the probability of an accident occurring.
The predictive data is then converted into proactive measures that enforce good decision-making beforehand, according to SafeGuard.
Izhak Paz, CEO and founder of SafeGuard, said: “Construction shouldn’t be the most dangerous job in America.
“Unfortunately, our field is focused on digitising compliance rather than innovating decision-support tools, but the reality is that compliance does not assure safety.
“Only an end-to-end solution that removes the human factor from the equation can prevent accidents and construction site shutdowns – the same is true for industries like manufacturing, maritime, or agriculture that suffer from similar issues.”
Lead investor Hillel Kobrinsky said: “Accidents lead to huge monetary and resource losses at a corporate level, from project delays to long-term wage loss, legal costs, admin expenses, and equipment damage.
“SafeGuard’s automated decision-support platform gives project managers peace of mind by providing them with a powerful tool to protect on-site workers from human errors, thereby preventing accidents in real-time.”
Image credit: giggsy25/Shutterstock
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