Funding amount: $8 million
Top funders: Ron Zuckerman and Hillel Kobrinsky
Tel Aviv-based safety technology firm SafeGuard has raised an $8 million Series A funding round, the company announced Monday. The round was led by investors Ron Zuckerman and Hillel Kobrinsky, who were joined by a group of real estate investors.
SafeGuard also announced the creation of Otoos, a daughter company that will focus exclusively on the construction industry in the U.S. Otoos offers a full-service safety platform with functions ranging from human resources to equipment maintenance, and also includes SafeGuard as a feature.
SafeGuard claims that its product is capable of preventing construction accidents in real time, according to a press release shared with Construction Dive. The platform collects data simultaneously from multiple sources, including cameras, sensors, drones, statistical analysis, open data and big data.
Using those sources, the algorithms identify on-site human error patterns and use artificial intelligence to predict the probability of an accident. The predictive data helps to create “proactive measures” that enforce good decision-making, per the company — for example, the program may lock a worker out of a room where an accident could occur.
“Only an end-to-end solution that removes the human factor from the equation can prevent accidents and construction site shutdowns,” said Izhak Paz, SafeGuard’s CEO, in the press release.