CompScience plans to use the fresh infusion to further grow its insurance team. Credit: Towfiqu barbhuiya on Unsplash.

CompScience Insurance Services, an AI-based safety analytics platform, has secured a $10m investment in its Series A round led by Valor Equity Partners.

The round was also joined by Four More Capital, an early-stage investing unit of Henry Crown and Company.

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The funds will be used by CompScience to foray into new markets and expand its technology and service portfolios.

The company also plans to use the proceeds to further grow its insurance team.

CompScience currently integrates visual AI with insurance incentives to make amendments that provide protection to Americans at work.

CompScience insurance policy buyers obtain the technology without paying extra money.

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Data from the US Bureau of Labor Statistics revealed that every year 2.6 million Americans face injury on the job, thereby amounting to expenses exceeding $167bn.

CompScience said it aims to avert 100 million preventable accidents from happening by using data in a better way.

The company’s flagship product, called Intelligent Safety Platform, has been designed to assess workplace security video using AI and data science methods.

CompScience Insurance Services founder and CEO Josh Butler said: “This investment from Valor and Four More Capital will help us bring our safety analytics to millions of workers across the country and around the world.

“Our AI system provides leaders with 300 times more data than traditional safety inspections, helping them transform their safety culture with data-driven decisions.

“We’re just getting started, but to date, we’ve reported over two million safety hazards.”