Intenseye, a New York-based AI startup specializing in workplace safety, is set to see a significant increase in its valuation, thanks to a new funding round. The company, which utilizes artificial intelligence to scrutinize workplace imagery and videos for safety concerns, is in the process of securing funding that will likely triple its current valuation.
The Series B funding round, spearheaded by Lightspeed Venture Partners, is anticipated to value Intenseye at around $300 million. The rapid interest from investors in AI-driven companies meant that the funding deal was finalized in a remarkably short time. The outcome? Intenseye is on track to raise $65 million in this round.
Founded in Istanbul in 2018 by Sercan Esen and Serhat Cillidag, both former AI engineers at Sony’s Turkey branch, Intenseye’s innovative software integrates with existing surveillance systems in workplaces. It then employs machine learning to scan the captured images and videos, pinpointing unsafe practices or potential hazards. This includes detecting issues like improper body posture, safety zone breaches, and checking if workers are equipped with the necessary protective gear.
Having expanded its operations to New York, Intenseye boasts a clientele that includes industry giants like Coca-Cola and the UK-based textile conglomerate, Coats. The company’s achievements were recognized when it was featured on the Forbes AI 50 list in 2022.
Previously, Intenseye had secured $25 million in a Series A funding round in 2021, which was led by Insight Partners. At that time, the company’s valuation was just shy of $100 million.
Emphasizing its commitment to ethical AI practices, Intenseye has ensured that its AI models, trained on a vast dataset of 22 billion images from 25 countries, prioritize privacy by blurring faces and focusing solely on actions.
The surge in funding for Intenseye is reflective of the broader trend in the AI sector, which has seen over $32 billion in venture capital investments this year alone. Lightspeed Venture Partners, with its growing portfolio of AI companies and investments totaling $850 million, is becoming a dominant player in this arena.
Intenseye: Revolutionizing Workplace Safety with AI
In the modern era, where technology is seamlessly integrated into our daily lives, Intenseye stands out as a beacon of innovation in the realm of workplace safety. This company has harnessed the power of artificial intelligence (AI) to transform how safety is managed in various facilities.
AI-Powered Safety Insights
Intenseye’s primary offering is its AI-powered workplace safety solution. By integrating with existing camera systems in facilities, the company provides safety teams with real-time insights. This not only aids in the early identification of potential hazards but also shifts the focus from lagging indicators to leading ones.
Recognition as a Technology Pioneer
The World Economic Forum, recognizing the groundbreaking work of companies that drive technological innovation, has honored Intenseye as one of the Technology Pioneers of 2023. This accolade is a testament to the company’s significant impact on both business and society.
EHS Value Proposition and Services
Intenseye’s commitment to workplace safety is unwavering. The company understands that many unsafe conditions can go unnoticed, even with multiple observers. To address this, Intenseye’s AI captures such incidents while ensuring the privacy of individuals. This proactive approach allows frontline teams to act swiftly when they spot potential dangers.
Some of the core services offered by Intenseye include:
Identifying Unseen Hazards: The company’s AI tools help EHS leaders identify previously unnoticed hazards. This is achieved through real-time images, video alerts, analytics, and task management tools.
Promoting a Positive Safety Culture: Intenseye believes in the transformative power of AI to better lives. They are dedicated to using AI responsibly, ensuring individual privacy, and fostering a workplace environment where employees feel empowered to voice their concerns.
Focus on Leading Indicators: Intenseye emphasizes the importance of tracking leading indicators to understand the root causes of incidents, near-misses, and injuries. Their 24/7 analytical data provides valuable insights to enhance safety measures.
Reducing Workplace Injuries: With Intenseye’s analytical data, EHS teams can proactively address near-misses before they escalate into serious incidents. This proactive approach not only reduces injuries but also saves lives.
Commitment to Privacy and Responsible AI
Intenseye prioritizes the well-being and privacy of frontline workers. Their cutting-edge 3D anonymization technique ensures that employees are anonymized irreversibly while identifying unsafe acts and conditions. This approach ensures individual privacy without compromising on safety.
Intenseye’s dedication to enhancing workplace safety hasn’t gone unnoticed. The company has received numerous G2 badges, reflecting the high quality of service they provide. Their growing clientele is a testament to their commitment to safety.
Innovative AI Solutions
Intenseye offers a range of AI solutions, including ergonomics AI, REBA and RULA based analysis, timely alerts, compliance assurance, visual analytics, task management, and KPI tracking. Their high accuracy rates and dedicated team ensure that each facility receives tailored solutions for maximum safety.
Intenseye offers flexible deployment options, including cloud-based solutions and on-premise GPU server deployments. Their hybrid on-premise deployment ensures that data is analyzed within the facility, with AI outputs served on Intenseye’s cloud-hosted web dashboard.
Prominent industry leaders and organizations have lauded Intenseye’s contributions to workplace safety. Testimonials from the likes of Muhtar Kent, former Chairman and CEO of Coca Cola Company, and Paul Turner, President of Business Operations at Coats, highlight the transformative impact of Intenseye’s solutions.
In conclusion, Intenseye is at the forefront of leveraging AI to revolutionize workplace safety. Their innovative solutions, commitment to privacy, and recognition as industry leaders make them a pivotal player in the realm of EHS and workplace safety.