Commercial property and casualty insurer CompScience has raised $27.6m in its Series B funding round to enhance AI-driven insurtech for workplace safety.
The funding round was led by Sands Capital, with participation from investors such as Four More Capital, Working Capital and Valor Equity Partners, which have previously invested in high-profile companies like Tesla and SpaceX.
Go deeper with GlobalData
With the latest investment, the company aims to accelerate product innovation, scale operations and expand CompScience’s market reach.
This will enable the company to assist more organisations in preventing serious injuries and fatalities (SIFs) in the workplace.
CompScience also plans to use the funding to enhance its AI capabilities, grow its global team, deepen partnerships with insurers and extend its services into new industries.
The company’s visual AI platform can identify risks and predict incidents before they result in claims.
CompScience CEO and founder Josh Butler said: “This funding is a testament to the value we are delivering to organisations that are committed to protecting their workforce. With this investment, we will make AI-powered safety available to millions of workers and save thousands of lives.”
CompScience’s technology can be integrated with existing camera systems, eliminating the need for additional expensive equipment and physical inspections.
The company also provides brokers with AI-powered risk mitigation tools, empowering them to proactively manage workplace hazards.
CompScience, launched in March 2023, uses computer vision and genAI to identify risks in real time, improving safety management across various industries.
The platform has been adopted by more than 200 enterprise clients, resulting in a 35% reduction in workplace incidents, enhanced compliance with safety regulations and more than $30m in savings, the company claimed.
In July 2023, the company raised $10m in its Series A funding round led by Valor Equity Partners.
