A worksite injury costs on average $42,000 per event, not considering costs for company interruption, lost productivity, and reputational harm. It is, therefore, vital to have a proactive safety approach to reduce accidents and injuries which is exactly what this startup claims to offer.
San Francisco-based Voxel, which was founded just over a year ago, works with an increasing number of industrial and manufacturing companies and retailers. The company claims to use artificial intelligence algorithms to analyze live video feeds from consumers in order to avoid accidents as well as detect behaviors that could lead to future health and safety issues. Customers give Voxel access to the video camera feeds that monitor their workplaces; the AI model analyses what it sees and sounds an alert when it detects an issue.
As a result, Voxel states that its technology can be used in two different ways:
- To begin with, there is the possibility of real-time interventions to prevent an accident. When the system detects a spill that could cause a slip hazard, it can warn on-site workers, allowing them to intervene before the worst happens.
- Second, the technology can analyze risky behaviors that repeat themselves. This might be anything from a forklift vehicle speeding around a plant to personnel lifting things in a hazardous manner. Employers can react before anyone is wounded by providing early intelligence that these are actual threats in their job.
Customers pay for Voxel’s technology through license fees, increasing as additional cameras are added to the video feed that the technology must analyze. Customers frequently begin by placing the technology in a single place – perhaps one where they have specific safety concerns – before expanding it to other parts of the company. Reduced compensation for workers who are injured or become ill, as well as benefits such as reduced company disruption due to staff absence, could possibly be the payoffs according to the company.
Voxel also claims that it wants to fundamentally revolutionize how insurance companies underwrite risk and strengthen the relationship between insurers and their clients by using accurate data and actionable insight. The company emphasizes its dedication to privacy and security, and its algorithms do not monitor any personally identifiable data.
The company recently received $15 million in the Series A funding round taking the total funding to about $18 million. The investors flocked to a business promising that new technology may substantially cut workplace accidents.
Exploring aspirations on several fronts will necessitate the company to increase its team – from eight employees at the start of the year to about 30 today. The company also plans on utilizing the capital in both its product and broader sales and marketing since the company’s growth to date has been limited to word of mouth.