After selling Vela Systems to Autodesk in 2012, Cambridge entrepreneur Josh Kanner is accepting money from the computer-aided design giant once again. Except this time, Autodesk is using its cash to invest in Kanner's new startup.
Autodesk is among several investors in a new $7 million Series A round for Newmetrix, whose photo and video management software is used to help improve the management of construction sites and other industrial settings. The round, which was announced on Thursday, was also backed by two other new investors, Borealis Ventures and Castor Ventures, as well as existing investors like Converge, Launchpad Venture Group and Stage 1 Ventures.
In an interview with BostInno, Kanner said Newmetrix's platform analyzes photos and videos of industrial sites using deep learning algorithms to help companies make safety, product and quality improvements. The deep learning algorithms are used to apply "smart tags" to each photo and video as an easier way to categorize them, which can then be used to detect, for instance, whether or not construction workers are wearing safety equipment, among other indicators of risk.