CAMBRIDGE, Mass., Dec. 9, 2020 /PRNewswire/ -- Newmetrix, an AI-powered construction safety platform, today announced a $5 million round of new funding from Sony Innovation Fund (SIF) and IA Capital Group. Joining the round were prior investors, Building Ventures, Companyon Ventures and Converge, among others. This new round brings the total amount of funding that Newmetrix has raised to $21 million.
Newmetrix's platform helps reduce risk in the AEC industry by improving safety, quality and productivity through the combined power of human and artificial intelligence. The value it brings to the industry has been recognized by both construction companies, as they become more data-driven, and by insurance firms, looking to reward those companies who are mitigating their risk.
Most recently, Newmetrix's data has also been used broadly by the industry to understand COVID-19 responses by region across the country. Metrics are available as published in this related report showing how the construction industry is implementing and enforcing mask wearing, glove wearing and social distancing. This data helps firms benchmark their own programs and understand where they can improve against the backdrop of the industry as a whole.