The Limerick start-up uses AI and computer vision to improve workplace safety.
Grocery retail venture capital W23 Global has made a strategic investment into workplace safety start-up Protex AI, with the two entering into a strategic partnership.
W23 is a $125m capital fund backed by five leading grocery store chains from around the world including Tesco, Ahold Delhaize and Woolworths Group.
The Limerick-founded Protex AI provides tech that acts as a “third eye” to existing CCTV infrastructure. It offers an artificial intelligence-powered platform which plugs into CCTV devices and uses computer vision (CV) to capture unsafe events autonomously.
The company has a footprint in more than 20 countries across North America, Europe, Asia-Pacific and Latin America, and counts a number of Fortune 500 businesses, including DHL, among its clientele.
The value of the fresh investment into Protex AI has not be disclosed, however, the start-up said that the funds are a part of its Series B round which was announced earlier this year.
In February, Protex said that the oversubscribed round made $36m from Hedosophia, with participation from Salesforce Ventures and existing investors.
“We’re delighted to be partnering with W23 Global as part of our funding round. They bring both a strategic focus and a speciality in retail operations that will help Protex in our mission to revolutionise safety and operations for some of the world’s largest organisations,” said Dan Hobbs, the CEO and co-founder of Protex.
The company was founded after Hobbs heard from a family member about a fatal accident at their place of work that could have been avoided, Hobbs told SiliconRepublic.com in 2023.
“The safety and wellbeing of colleagues across the broader supply chain is paramount,” said Ingrid Maes, the CEO and chief investment officer at W23 Global.
“Protex AI’s innovative use of AI and CV provides a power privacy-preserving tool to move from reactive to proactive safety measures. This investment reflects our commitment to supporting technologies that can create significant positive impact by making workplaces safer and more efficient.”
The start-up was founded in 2021 by Hobbs and CTO Ciarán O’Mara, who first met at the BT Young Scientist and Technology Exhibition when they were both 12 years old.
Two years ago, the fresh founders were included in the 2023 Forbes 30 under 30 list for Europe.
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