- Soter Analytics recently announced it raised $12 million. These are the details.
Soter Analytics recently announced that it has received $12 million in funding to address work-related musculoskeletal disorders (MD) through the development of wearable technology. This funding round was led by AV8 Ventures with participation from OTB Ventures, btov Industrial Technologies Fund, Verve Ventures, and Startup Wise Guys.
Work-related musculoskeletal disorders (MSD) are associated with injuries to muscles, bones, tendons, and nerves. Soter Analytics developed wearables and AI-driven technology, which increases retention and productivity through personalized injury prevention solutions. And Soter’s technology can identify over 100 million hazards while tracking back and shoulder movements.
These wearables can be used across a wide range of jobs, including warehousing and construction. Plus the technology enables workers to track their progress and set up personalized training programs.
Following this funding round, Soter Analytics will continue growing its market share in the US, Europe and the UK, as well as expand into new markets across Europe, particularly France, Germany, Netherlands and Scandinavia. And the company will also utilize the successes it has achieved in the industries it currently serves to expand into new workplace environments.
KEY QUOTE:
“Our bespoke technology provides an end-to-end safety solution through AI and machine learning, and this fundraise shows that our investors and partners have recognized the strength of our product. This fresh capital will allow us to invest in research and development and work alongside organizations to help them improve workplace safety, decrease employee turnover and enable injured workers to return to work faster.”
— Matthew Hart, Founder and CEO at Soter Analytics
