MākuSafe, a data and analytics platform aiming to improve worker safety, has secured around $3m in its Seed round.
Capital was supplied by investors including EMC Insurance Companies, Next Level Ventures, and The Best of the Midwest. The batch of funding brings the company’s total capital raised to $4.5m.
Following the investment, the company will look to make a number of ‘key personnel’ hires and scale the manufacturing of its technology.
The company has built a system capable of gathering real-time environmental and human motion data to identify workplace risks. Machine learning algorithms are used by the cloud-based platform to process millions of data points gathered by wearable armband devices.
This information is then used to drive deeper insights into workforces and operations with a goal of lowering risks and lowering worker compensation claims. MākuSafe said that there is around $1bn in worker compensation claims paid out each week in the US alone.
Next Level Ventures principal Scott Hoekman said, “Next Level Ventures could not be more excited to invest in MākuSafe. In addition, MākuSafe is creating a product which incorporates hardware, software, worker safety, and insurance.
“This intriguing combination really resonates with Iowa’s growing startup ecosystem as well as two of Iowa’s core industries – manufacturing and insurance. And with this financing we are eager to see MākuSafe accelerate its growth and bolster its innovative solution.”