SafeAI announces US$21 million in Series A funding
Published by Jessica Casey,
Global Mining Review,
SafeAI, a global leader in autonomous heavy equipment, has announced US$21 million in Series A funding, led by Builders VC, following a year of significant company growth. The new capital will be used to advance the company’s interoperable autonomous technology through accelerated re-search and development, and fuel global expansion to meet rising demand for autonomous heavy equipment.
SafeAI is driving the transformation of the mining and construction industries through connected, autonomous sites. With chronic labour shortages, unsafe working conditions and frequent project delays, these industries are in a unique position to benefit from autonomy. And unlike on-road applications of the technology, autonomous heavy equipment operates in controlled environments, which means companies can create smarter, safer, more productive project sites today that create meaningful, near-term impact.
“We are at a tipping point for autonomous heavy equipment,” said Bibhrajit Halder, Founder and CEO at SafeAI. “We’ve proven that autonomy makes work sites significantly safer and more productive; now, we are on the cusp of mass adoption. Together with our valued partners, customers and investors, we’re poised to deploy autonomy in off-road industries like construction and mining, at scale, to rethink the way heavy industry operates.”
Heavy industry is a massive – and growing – global market, ripe for disruption. The construction equipment market alone is valued at US$140 billion, and expected to increase to US$175 billion by 2025; construction-related spending accounts for a staggering 13% of global GDP, or US$11.5 trillion. But there remains significant room for growth; in construction alone, higher productivity could create an estimated US$1.6 trillion in additional value. With just 25% of the infrastructure needed by 2050 in existence today, autonomy can bridge this productivity gap with greater efficiency and 24/7 operations. SafeAI is at the forefront of this transformation.
“There’s a tremendous amount of excitement in the autonomy space today; but it’s clear the biggest opportunity for this technology is off-road,” said Mark Blackwell, General Partner at Builders VC. “With its industry-leading autonomous software, scalable retrofit approach and partner eco-system, SafeAI is uniquely poised to capitalise on this opportunity. We’re proud to support the company in its next chapter of growth as demand for autonomous heavy equipment continues to skyrocket.”
New investors LTC, DG Ventures, MACA and Vimson Group, and existing investors Autotech Ventures, Brick and Mortar Ventures, Embark Ventures, Monta Vista Capital and Obayashi Corporation, also participated in the round. The funding comes on the heels of a year of rapid growth for SafeAI, including new partnerships with Obayashi, Goodyear and Macnica, and expansion into Australia’s booming mining market.
Read the article online at: https://www.globalminingreview.com/finance-business/25062021/safeai-announces-us21-million-in-series-a-funding/
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