Voxel Secures $44 Million to Enhance Workplace Safety through AI Innovations
In a significant development for workplace safety, Voxel, a cutting-edge AI company focused on mitigating risks in high-risk environments, has successfully secured $44 million in Series B funding. This investment was spearheaded by NewRoad Capital Partners and included contributions from existing investors like Eclipse, Rite Hite, Tokio Marine, along with newcomers HG Ventures and Whitestone. This funding pushes Voxel's total investment to $61 million, which will bolster their ongoing efforts in research and development and refine their AI capabilities.
Voxel's mission has become increasingly relevant given the alarming statistic that 2.78 million workers globally lose their lives each year due to work-related incidents. Traditional safety measures often fail to prevent such tragedies, highlighting the necessity for innovative solutions in this space. Voxel's platform aims to change this paradigm by providing real-time surveillance that proactively identifies hazards and unsafe behaviors, enabling immediate intervention by supervisors and safety managers.
The AI platform works seamlessly by integrating with existing security camera systems, autonomously monitoring work environments for potential safety breaches. Vernon O'Donnell, CEO of Voxel, emphasized their commitment not only to technology but also to the human aspect of safety: ‘We are delivering AI solutions that directly support the workers in demanding roles across various sectors, from warehouses to factories and ports. Companies don't need more data—they need actionable insights that can seamlessly fit into their daily operational workflows.’ This statement reflects Voxel’s understanding of the inherent challenges faced by those working in high-risk settings.
Companies like Dick's Sporting Goods, Americold, the Port of Virginia, AGI, and Berry Global are among the growing number of businesses that have adopted Voxel’s technology. These organizations report impressive results, including up to an 80% decrease in high-risk behaviors shortly after deploying the platform. The transformative effectiveness of Voxel's service has shifted workplace safety discussions from mere compliance to active prevention, now counted as a vital component of operational efficiency and risk management.
As more organizations turn to Voxel, the metrics speak to its impact. With an extraordinary 147% year-over-year revenue growth and an impressive net revenue retention rate of 202%, Voxel is solidifying its place as a leader in workplace safety innovation. Moreover, recorded injuries have reportedly dropped by 91%, translating to substantial financial savings for clients—one site alone claimed to save over $2.2 million in direct costs over a two-year duration.
Industry experts have praised Voxel’s approach. Chris Sultemeier from NewRoad Capital Partners voiced confidence in Voxel's potential, asserting that their platform’s real-time visibility fills a crucial gap in operational safety. Additionally, Drew Kofeldt, Chief Safety Officer at AGI, stated that Voxel is reshaping safety culture within its clients by promoting a proactive rather than reactive approach to incident management. James D'Errico from Gallagher summarized the company's significance in the industry's evolution, noting that Voxel’s insights lead to stronger safety programs and reduced risk costs.
To further enhance operational efficiency and risk mitigation strategies, Voxel’s AI platform not only provides invaluable insights but is designed to integrate into businesses across various sectors including manufacturing, logistics, and insurance. The objective is straightforward: to equip companies with the necessary tools to anticipate and mitigate risks before they materialize, transforming workplace environments into safer spaces.
With its continued growth and commitment to leveraging advanced technology for safety, Voxel isn't just enhancing operational protocols but defining new standards for workplace safety in the modern era. As industries face increasing demand for safer work environments, Voxel stands at the forefront, ready to meet these challenges head-on with their innovative solutions.
Voxel's mission has become increasingly relevant given the alarming statistic that 2.78 million workers globally lose their lives each year due to work-related incidents. Traditional safety measures often fail to prevent such tragedies, highlighting the necessity for innovative solutions in this space. Voxel's platform aims to change this paradigm by providing real-time surveillance that proactively identifies hazards and unsafe behaviors, enabling immediate intervention by supervisors and safety managers.
The AI platform works seamlessly by integrating with existing security camera systems, autonomously monitoring work environments for potential safety breaches. Vernon O'Donnell, CEO of Voxel, emphasized their commitment not only to technology but also to the human aspect of safety: ‘We are delivering AI solutions that directly support the workers in demanding roles across various sectors, from warehouses to factories and ports. Companies don't need more data—they need actionable insights that can seamlessly fit into their daily operational workflows.’ This statement reflects Voxel’s understanding of the inherent challenges faced by those working in high-risk settings.
Companies like Dick's Sporting Goods, Americold, the Port of Virginia, AGI, and Berry Global are among the growing number of businesses that have adopted Voxel’s technology. These organizations report impressive results, including up to an 80% decrease in high-risk behaviors shortly after deploying the platform. The transformative effectiveness of Voxel's service has shifted workplace safety discussions from mere compliance to active prevention, now counted as a vital component of operational efficiency and risk management.
As more organizations turn to Voxel, the metrics speak to its impact. With an extraordinary 147% year-over-year revenue growth and an impressive net revenue retention rate of 202%, Voxel is solidifying its place as a leader in workplace safety innovation. Moreover, recorded injuries have reportedly dropped by 91%, translating to substantial financial savings for clients—one site alone claimed to save over $2.2 million in direct costs over a two-year duration.
Industry experts have praised Voxel’s approach. Chris Sultemeier from NewRoad Capital Partners voiced confidence in Voxel's potential, asserting that their platform’s real-time visibility fills a crucial gap in operational safety. Additionally, Drew Kofeldt, Chief Safety Officer at AGI, stated that Voxel is reshaping safety culture within its clients by promoting a proactive rather than reactive approach to incident management. James D'Errico from Gallagher summarized the company's significance in the industry's evolution, noting that Voxel’s insights lead to stronger safety programs and reduced risk costs.
To further enhance operational efficiency and risk mitigation strategies, Voxel’s AI platform not only provides invaluable insights but is designed to integrate into businesses across various sectors including manufacturing, logistics, and insurance. The objective is straightforward: to equip companies with the necessary tools to anticipate and mitigate risks before they materialize, transforming workplace environments into safer spaces.
With its continued growth and commitment to leveraging advanced technology for safety, Voxel isn't just enhancing operational protocols but defining new standards for workplace safety in the modern era. As industries face increasing demand for safer work environments, Voxel stands at the forefront, ready to meet these challenges head-on with their innovative solutions.
Topics Health）
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