Buddywise Secures €3.5M Seed Funding for AI Workplace Safety Solution

Buddywise, a company focused on enhancing workplace safety in industrial settings across Europe, has announced a significant milestone with the closure of a €3.5 million seed funding round. This funding round was co-led by J12, a specialized AI fund, and Kvanted, indicating a strong endorsement of Buddywise’s mission and technology. Notably, Eric Quidenus-Wahlforss, the founder of Soundcloud, also joined the investment round, underlining the broad appeal and potential impact of Buddywise’s safety solutions.

The funding injection will empower Buddywise to further develop and deploy its innovative AI-driven solutions designed to prevent workplace accidents. With a focus on industrial spaces, Buddywise aims to leverage cutting-edge technology to create safer environments for workers while optimizing operational efficiency. This strategic investment reflects confidence in Buddywise’s ability to address critical safety challenges and drive positive outcomes across various industries.

Buddywise, headquartered in Sweden, harnesses the power of machine learning and computer vision to proactively identify safety hazards within workplace environments. By employing advanced algorithms, Buddywise analyzes data from existing camera systems deployed by industrial clients. This analysis enables the platform to swiftly detect potential risks and hazards, such as instances where workers may be exposed to dangerous conditions like gas leaks.

In the event of an emergency, such as a worker becoming incapacitated due to exposure to hazardous substances, Buddywise’s system triggers immediate alerts. This real-time notification ensures that appropriate action can be taken promptly, potentially preventing accidents from escalating and minimizing the impact on worker safety. By providing actionable insights and facilitating rapid response, Buddywise helps industrial organizations enhance workplace safety protocols and mitigate risks effectively.

Buddywise’s AI vision software is currently deployed in various infrastructure and manufacturing facilities spanning Sweden, Finland, Latvia, and Poland. The recent €3.5M seed funding round will primarily be allocated towards expanding the company’s outreach efforts and bolstering recruitment initiatives. Additionally, a significant portion of the funding will support the company’s strategic expansion plans across Europe, enabling Buddywise to bring its innovative safety solutions to a broader range of industrial clients and geographical regions.

The construction industry has experienced relatively less disruption from digital transformation compared to other sectors. However, the need for safety improvements remains critical, with 2.9 million non-fatal accidents resulting in at least four calendar days of work absence and over 3000 fatal accidents recorded in 2021 alone. This accounts for one fifth of all workplace incidents. With a growing emphasis on environmental, social, and governance (ESG) criteria, especially from investors, many construction businesses are now seeking software solutions to address safety concerns and enhance their overall operational efficiency.

Emmet King, Partner at J12, highlighted the significant advancements in computer vision models, particularly in image classification and object detection. These improvements enable more efficient learning from limited data and more reliable performance across various real-world conditions. King emphasized that this technology is now poised to be the primary tool in addressing workplace safety issues, replacing traditional methods such as reporting apps, inspections, and sensors.

Regarding data privacy concerns, especially concerning biometric data, Buddywise prioritizes GDPR compliance. The company ensures strict adherence to GDPR regulations in its operations and when forming partnerships, underscoring its commitment to protecting user privacy and maintaining ethical standards in data handling.