Homegrown workplace safety company, SafetyCulture, has just closed a $165 million funding round, to help it accelerate AI adoption.
Workplace safety company SafetyCulture, founded by Luke Anear, is now valued at $2.5 billion after a $165 million capital raise, led by Airtree and joined by existing investors Blackbird and Morpheus Ventures.
It plans to use the new capital to help fund industry-leading innovation for larger enterprise customers, accelerate AI adoption and reward long-term employees.
“We have now closed this round and are excited about the opportunities it creates for us to accelerate our growth and help even more customers,” Anear said. “It’s a tough environment to be raising in, but we’re proud of the results the business is delivering and pleased that we can continue to create regular liquidity events for early investors and long-term employees.”
The capital raise follows the launch of SafetyCulture’s workplace operations platform late last year, which introduced new capabilities in training, asset management, sensors and IoT functionality. The company also introduced AI-enhanced features in 2023, like mobile-first training course creation and instant inspection template generation from prompts, images and files, but the company says there’s more potential with the technology.
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“We’ve only scratched the surface when it comes to transforming frontline work,” Anear said. “Few tech companies have our direct reach to frontline workers across so many different industries, so we have both a responsibility and a massive opportunity to create significant change for these people”.
SafetyCulture counts 85,000 businesses and close to 2 million users around the world. It says it’s seen record growth in sign-ups, and its average customer has doubled in size over the last two years. The company has also added 100 new roles in the last 6 months, and counts more than 800 employees across its six offices. It says it’s on track towards its goal of 100 million users by 2032.
“We’ve built the world’s largest repository of workplace data, containing over 5 petabytes of data and billions of images,” Anear said. “AI is the way we can make sense of that information, and if we can harness it properly, we’ll effectively be able to give frontline teams superpowers that will completely change the way they work.”
The funding round marks the largest initial investment Airtree has ever made, and partner Kell Reilly says it was the right time to jump in.
“SafetyCulture has all the hallmarks of Silicon Valley’s tech heavyweights–a compelling vision, product, scale and team. We’re excited to partner with another Aussie success story that’s making waves on the global stage.”
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