AI-powered computer vision insurtech CompScience raises $10m
CompScience, a San Francisco-based insurtech that uses artificial intelligence (AI) to provide businesses with data-driven hazard detection in the workplace, has raised US$10m in Series A funding led by the backers of Tesla and cyber insurer Coalition.
CompScience offers workers’ compensation insurance, combined with an ‘intelligent safety platform’, to both cover and prevent risk in dangerous working environments like factories and warehouses. The technology, which is provided free to policyholders, analyses employee behaviour to create risk mitigation strategies and measurably reduce the chance of injury.
It’s part of a growing movement within the insurance industry towards ‘prevention-led insurance’, where insurers attempt to stop loss before it happens. In turn, insurers can reduce the extent of claims and pass on reduced premiums to their customers.
The need is stark: according to the US Bureau of Labor Statistics, 2.6m Americans are injured on the job every year, costing over US$167bn. CompScience wants to stop 100m preventable accidents from happening globally by empowering businesses to use better data, and the US insurtech has already grown its business significantly this year.
Its partners include Swiss Re and Nationwide, as well as 10 of the top 20 commercial insurance agencies in the US.
CompScience provides ‘300 times more data’
CompScience will use the latest funding – led by Valor Equity Partners – to expand into new industry verticals, grow its technology and service offerings, and build out its team of insurance and safety experts – particularly those with experience in key high-risk industries.
Founder and CEO Josh Butler says: “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. 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 2m safety hazards. We believe that within the next several years, workers and insurers will demand that every company deploy a technology like ours.”
Vivek Pattipati, Partner at Valor Equity Partners, adds: “CompScience is fundamentally transforming employee workplace safety and re-architecting the insurance of these risks. 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.”
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