CompScience Receives $27.6M Series B Investment for AI Innovations in Workplace Safety

CompScience Secures $27.6 Million in Series B Funding

CompScience, a pioneering entity in commercial property and casualty insurance, has successfully completed a Series B funding round amounting to $27.6 million. The investment, primarily led by Sands Capital, aims to propel the company's innovative journey in the realm of AI-based insurtech, specifically focusing on elevating workplace safety measures across various industries.

This considerable influx of capital is set to expedite CompScience's product development, enhance operational capabilities, and broaden its market engagement. The company is driven by a mission to help organizations mitigate serious injury and fatality risks, making this funding pivotal in furthering that mission. CompScience has also garnered support from renowned investors such as Four More Capital, Working Capital, and Valor Equity Partners, known for backing revolutionary companies like Tesla and SpaceX. Their endorsements reinforce confidence in CompScience's capacity to create impactful change within the insurance sector.

At the heart of CompScience’s offerings is a cutting-edge visual AI platform designed to identify potential risks and forecast incidents before they escalate into formal claims. By seamlessly integrating with pre-existing camera systems, the platform circumvents the need for expensive equipment upgrades and physical inspections, thus rendering AI-driven safety solutions accessible to a wider range of businesses.

With the recent funding, CompScience plans to further enhance its AI capabilities and expand internationally, all while solidifying partnerships with insurance providers. The ultimate goal is to redefine standard practices in workplace safety and risk mitigation, making a meaningful difference for business owners and their employees alike.

In addition to benefiting businesses, this innovative technology empowers brokers by equipping them with AI-enhanced risk management tools that proactively target workplace hazards. This approach not only reduces insurance claims but also diminishes operational costs, enabling brokers to establish themselves as essential strategic advisors and bolstering client loyalty.

Josh Butler, Founder and CEO of CompScience, commented on the funding success, stating, "This investment is a testament to the value we’re providing to organizations dedicated to safeguarding their workforce. With this funding, our objective is to make AI-powered safety solutions available to millions of workers and contribute to saving countless lives."

Supporting this vision, Chris Eng, a Principal at Sands Capital, expressed enthusiasm about collaborating with CompScience. He remarked, "CompScience is pioneering the redefinition of workplace safety through advanced technology. We stand ready to back their mission aimed at preventing serious injuries across various sectors.”

Since its inception in March 2023, CompScience has reformed safety management in numerous industries using advanced computer vision and generative AI technologies for immediate risk identification. Currently, the company enjoys the trust of over 200 enterprise clients, boasting an impressive safety outcome—a 35% reduction in workplace incidents. Not only has this innovation led to enhanced compliance with safety regulations, but it has also generated over $30 million in cost savings, further fueling CompScience’s ambitions for expansion and innovation.

By providing measurable benefits across different sectors, CompScience helps employees evade avoidable injuries, enables brokers to strengthen client relations, and allows businesses to turn effective risk management practices into competitive advantages. This funding milestone represents a significant leap in CompScience’s endeavor to foster safer and more efficient workplaces around the globe.

About CompScience

CompScience specializes in Workers' Compensation Insurance, primarily focused on minimizing significant costs for businesses through the prevention of severe, life-altering injuries. Their Intelligent Safety Platform leverages bundled AI-driven safety analytics to deliver risk evaluations and safety enhancement recommendations, leading to safer and more productive work environments.

About Sands Capital

Sands Capital operates as a long-term investor in high-growth, innovative businesses worldwide. Their approach integrates analytical rigor with creative synthesis to discover growth companies creating tomorrow. Through a comprehensive investment strategy encompassing venture capital, private growth equity, and public growth equity, Sands Capital supplies growth capital solutions to institutions and fund sponsors across over 40 nations. Founded in 1992 and headquartered in Washington, D.C., Sands Capital maintains additional offices in London and Singapore.