(Image source: CompScience webpage.)
CompScience Insurance Services (San Francisco), an AI-powered safety analytics platform, has announced a $10 million Series A round led by operational growth investment firm Valor Equity Partners (Chicago), early backers of transformational companies such as Tesla, SpaceX, and Coalition. Four More Capital, an early-stage investing arm of Henry Crown and Company (Chicago), also participated in the round.
CompScience describes itself as the first company to combine visual AI with insurance incentives to drive changes that protect Americans at work. Companies that buy CompScience insurance policies receive the technology at no additional cost.
According to the US Bureau of Labor Statistics, every year 2.6 million Americans are injured on the job, costing over $167B. CompScience says its global mission is to stop 100 million preventable accidents from occurring through better use of data. CompScience reports that it grew its insurance business over 10-fold and drove down its injury rates by 23 percent so far this year with partners such as Swiss Re Nationwide, and 10 of the top 20 commercial insurance agencies in the United States. Its flagship product, the Intelligent Safety Platform, analyzes workplace security video with AI and data science techniques. With this data, CompScience delivers risk mitigation services to measurably reduce hazard exposure as part of a workers’ compensation policy or a SaaS offering.
“CompScience is fundamentally transforming employee workplace safety and re-architecting the insurance of these risks,” comments Vivek Pattipati, Partner, Valor Equity Partners. “Early results demonstrate the Intelligent Safety Platform’s potential to reduce the frequency of injuries, which could have a major positive impact on society. The company is highly focused on solving workplace safety from first principles and disrupting the workers’ compensation insurance market with a superior product at lower cost. CompScience is also entering the market at the right time. They represent a key piece in the puzzle of a major restructuring of American supply chains and the reshoring of manufacturing jobs.”
Transforming Safety Culture with Data-Driven Decisions
“This investment from Valor and Four More Capital will help us bring our safety analytics to millions of workers across the country and around the world,” says Josh Butler, Founder and CEO, CompScience. “Our AI system provides leaders with 300 times more data than traditional safety inspections, helping them transform their safety culture with data-driven decisions. We’re just getting started, but to date we’ve reported over 2 million safety hazards. We believe that within the next several years workers and insurers will demand that every company deploy a technology like ours.”
CompScience says this investment will allow the company to expand further into additional industry verticals, as well as grow its technology and service offerings. The company says its team will build out its staff of insurance and safety experts in several existing and additional high risk industries.