Benzinga - Safety analytics firm CompScience Insurance Services has secured $10 million in a Series A funding round.
Valor Equity Partners, a growth investment firm known for backing Tesla and SpaceX as well as Coalition, spearheaded the effort. Four More Capital, the early-stage investing arm of Chicago-based Henry Crown & Company, also contributed to the round.
CompScience merges visual artificial intelligence (AI) with insurance incentives to provide risk mitigation services, analyze workplace security videos and instigate changes that safeguard Americans in various workplaces.
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So far this year, CompScience says it expanded its insurance business more than tenfold and reduced its injury rates by 23%. Its partners include Swiss Re, Nationwide, and 10 of the top 20 commercial insurance agencies in the U.S.
CompScience intends to use the new funding to expand into additional industry verticals, enhance its technology and grow its team of insurance and safety experts.
CompScience CEO Josh Butler expressed his views on the issue of workplace injuries, which he described as a "$167 billion problem for US businesses and a tragedy for the people and their families," according to the U.S. Bureau of Labor Statistics.
He emphasized the potential of their video analytics technology to completely eliminate many risks.
"It’s a no-brainer for companies who buy workers’ comp from us. There’s literally no cost when we bundle in the technology, and their rates actually go down," he told Benzinga.
He highlighted the ability of their AI and data science tools to automatically identify risks, enabling businesses to manage and reduce these risks effectively.
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