Dublin-based startup Protex AI raises $18m to protect workplace accidents

Dublin-based startup Protex AI raises $18m to protect workplace accidents

Published: 30-08-2022 13:51:00 | By: Pie Kamau | hits: 5177 | Tags:

Dublin-based startup Protex AI has raised a total of $18 million of investment to help further grow its presence in Europe and North America, led by Notion Capital with participation from Playfair CapitalElkstone and Firstminute Capital to empower EHS teams to protect their workforce with AI-powered technology. 

Working with blue-chip brands such as leading UK retailer, Marks & Spencer (M&S), Protex AI's always-on solution is revolutionising how enterprise safety teams make proactive safety decisions. The privacy-preserving AI platform plugs into existing CCTV infrastructure and uses its computer vision technologies to capture unsafe events autonomously in a variety of settings such as warehouses, manufacturing facilities and ports. 

Archie Norman, Chairman, M&S: "Site safety is critical to our colleagues and Protex AI's technology brings behavioural visibility to the next level. What we like about the approach is that it uses and interprets real data to enable our teams to adopt a preventative approach reducing risk of injury and keeping our people safe."

In addition to the $18 million lead investment by Notion Capital, several existing and new investors have also participated in this funding round, including firstminute capital and strategic investments from Flexport which recently raised $935 million in a Series E investment round and SCOR Ventures.

Dan Hobbs CEO, Protex AI: “The strategic investment from both Flexport and SCOR Ventures is a clear indicator that there’s a need for technology-based solutions to radically improve safety standards in industry. Protex AI has a compelling proposition to address this need. With the cost of workplace accidents estimated at $171 billion in the US alone due to losses in productivity, insurance, and medical expenses; safety technology is a growing space as companies look to prevent huge losses in costs and time. The investment is also a strong endorsement that the technology we’re building at Protex AI is the right solution to revolutionise the way modern safety is practised. I would like to thank our existing shareholders for their support and welcome new investors to our business.” 

The investment is being used to expand both Protex AI's commercial and engineering teams so that the company can meet the demands of the global market and continue to innovate in a space that lags behind when it comes to AI adoption.

Kamil Mieczakowski, Principal, Notion Capital: “One of the silver linings of the Covid pandemic has been the increased appreciation for the blue collar workers whose health and safety is now one of the key discussion topics inside the corporate board rooms. Protex are a leader in the proactive safety technology market and have quickly become the go-to platform for the leading enterprises globally wanting to achieve health and safety excellence. The founding team’s deep domain expertise in building computer vision products has already translated into an extraordinary level of traction for a company of their stage and we’re excited to be investing in the business to drive the further development of their platform and to put more resources into marketing, sales and increasing the company’s global footprint.”

Protex AI currently employs 20 people with plans to hire an additional 30 people in 2023 to grow both its Commercial and Technology teams. The startup is also opening the US office next year in order to service the North American market, growing its support and client success teams.