CompScience, a San Francisco, CA-based Artificial intelligence-powered insurance technology startup, closed on $10 million in funding.
The investment was from Valor Equity Partners, an early backer of Elon Musk’s Tesla Inc. and SpaceX Corp., joined by Four More Capital.
CompScience founder and CEO, Josh Butler said the funding from today’s round will fuel a massive expansion of the company’s platform. He intends to bring safety analytics to millions of workers across the U.S. and internationally.
CompScience is a workplace safety insurance provider with a difference, uniquely combining visual AI software with incentives to help make workplaces safer. The company’s flagship product is the Intelligent Safety Platform, which works by analyzing security video with AI and data science techniques.
“Our AI system provides leaders with 300 times more data than traditional safety inspections, helping them transform their safety culture with data-driven decisions,” Butler added. “We’re just getting started, but to date we’ve reported over 2 million safety hazards. Within the next several years, workers and insurers will demand that every company deploy technology like ours.”
Company: Kinetic, Inc.
Raised: $10.0M
Round: Unknown
Funding Month: July 2023
Lead Investors: Valor Equity Partners
Additional Investors: Four More Capital
Company Website: https://www.compscience.com/
Software Category: AI-powered Workers’ Compensation Insurance and Safety
About the Company: Founded in 2019, CompScience is a company that developed an AI-powered workplace safety analytics platform to help companies prevent workplace accidents. CompScience offers workers’ compensation insurance policies that minimize injuries and premiums via its intelligent safety platform. CompScience insurance reduces workers’ compensation insurance costs for businesses by limiting the probability of injuries.
Source: https://siliconangle.com/2023/07/27/compscience-uses-visual-ai-eliminate-workplace-safety-hazards-raises-10m/