Intenseye Inc., a provider of workplace safety software, announced today the closure of the largest-ever funding round in its category, having raised $64 million in an investment led by Lightspeed Venture Partners.
The Series B round also featured the participation of existing investors like Insight Partners, Point Nine, and Air Street Capital, bringing the total funds raised by the company to over $90 million.
Similar to many contemporary software providers, Intenseye focuses on artificial intelligence. The startup has developed an enterprise-ready computer vision AI platform that enhances visibility into indicators, such as unsafe acts or conditions, often leading to workplace injuries or illnesses.
Intenseye states that these indicators are often subtle and go unnoticed by human safety auditors. It claims to have alerted its customers to over 36 million such indicators last year, utilizing strategically placed cameras and computer vision AI to identify workplace risks, such as an oil spillage on a factory floor or a worker operating a machine without the correct safety gear.
The insights provided by its platform enable environmental, health, and safety teams to make changes to improve workplace safety, enhance efficiency, and ensure compliance with industry best practices, ultimately resulting in fewer workplace accidents.
The funds from this round will be used to expand the platform’s capabilities, including the incorporation of new generative AI models for an anonymisation feature to further ethical AI practices. The company also aims to enable mobile support for its platform to broaden its impact.
Preventing workplace accidents is a commendable goal, considering that over 3 million people worldwide die each year due to workplace accidents and diseases, with 400 million more suffering injuries. The direct and indirect costs of workplace accidents are estimated to be as high as $3 trillion a year, with the U.S. alone experiencing annual losses exceeding $50 billion from unplanned downtime caused by such incidents.
Computer vision has been recognised as an ideal solution for workplace accident prevention, with Gartner Inc. stating in a recent study that the technology is uniquely capable of identifying hazards in real time and preventing incidents. Intenseye claims that its product offers such a strategy out of the box, with the added benefit of integrating irreversible privacy measures to guarantee workers’ anonymity.
Sercan Esen, CEO of Intenseye, highlighted the company’s commitment to privacy-by-design, setting it apart from alternative computer vision products. He emphasised that Intenseye is not just a luxury but is at the forefront of a much-needed transformation, empowering EHS (Environmental, Health, and Safety) leaders to protect their frontline teams more effectively.
Intenseye has demonstrated impressive growth, expanding its global footprint by 125% in 2023 and acquiring customers on six continents. The company, with customers across more than 30 industries in 25 countries, claims to safeguard over 100,000 workers worldwide.
Constellation Research Inc. analyst Holger Mueller noted the significance of using AI to enhance workplace safety, stating that progress in computer vision offers tangible benefits for workers, and he looks forward to seeing its real-world implementations.
Nathan Benaich of Air Street Capital expressed support for Intenseye, emphasising its focus on solving a major real-world problem that costs businesses hundreds of billions of dollars annually. He commended Intenseye for adding safety intelligence to existing but underutilised camera investments, driving measurable change in workforces globally.
Intenseye is not the only company utilising computer vision for workplace safety. Last year, Compscience Insurance Services raised $10 million for a product using AI-powered visual insights as an incentive for companies to reduce their accident insurance costs. Customers installing Compscience’s software are entitled to significant discounts on their insurance policies.
