Annoucement
CompScience Receives Workers’ Comp Insurance Industry Validation and Closes $6M Seed Round
CompScience Receives Workers’ Comp Insurance Industry Validation and Closes $6M Seed Round
Key Workers’ Comp Insurance and Distribution Partnerships include The Hartford, MidAtlantic, Bender, Heffernan, and IOA.
August 25, 2022 17:10 ET | Source: CompScience
SAN FRANCISCO, Aug. 25, 2022 (GLOBE NEWSWIRE) — CompScience announced closing a $6m seed round, capping successful risk reduction outcomes for insurance clients of brokers, carriers and reinsurers. CompScience has grown 5x year on year, and now covers 70% of the US market. Investors in the platform include Working Capital Fund, Preface Ventures, Hustle Fund, Pathbreaker Ventures and others.
CompScience provides video analytics as a service and data-driven recommendations that can rapidly yield results in the $6 trillion market for workplace safety. With existing video from work sites, the CompScience platform generates proprietary risk factors from 50+ behavioral and environmental hazard detectors with an expanding library of computer vision models. The system was designed from the ground up with privacy and security in mind. The AI-driven video analytics system does not identify individuals or retain personal information of any kind.
“Every company needs a workers’ comp solution, but CompScience is delivering more value than simply coverage. We use objective data to protect people, and we reward our clients for their safety investments,” explained Josh Butler, Founder and CEO of CompScience Insurance.
“CompScience’s use of computer vision technology offers the promise of game-changing, real-time transparency at scale. By gathering and analyzing visual imagery and providing visibility into working conditions, CompScience offers the potential to prevent tens of thousands of workplace injuries while maintaining data privacy,” Ed Marcum, Managing Director, Working Capital Fund
“The CompScience team are brilliant AI and computer vision experts. By applying this to insurance policies, mitigating workers compensations issues is just a no brainer. The product experience is very slick, and it’s exciting to see their major partnerships with The Hartford, Sompo, and more line up,” said Eric Bahn, Co-Founder & General Partner, Hustle Fund
“CompScience is bringing continuous monitoring and proactive workflow toward safety in the workplace. In a short time, they’ve attracted industry luminaries, technologists, and an impressive customer base which is testament to the power of their solution,” commented Farooq Abbasi, Preface Ventures.
About CompScience Insurance
CompScience Insurance can reduce workers’ comp insurance for businesses and manufacturers in all industry verticals, while reducing injuries. The product is based on AI-powered safety analytics providing expertise of risk assessment, recommendations to make workplaces safer.
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