Alabama Futures Fund (“AFF” or the “Fund”) recently placed an investment in Stroma Vision, Inc. (“Stroma Vision” or “Stroma”). Based in Istanbul, Turkey, Stroma has developed a software platform that uses on-location cameras and access control equipment to monitor conditions in production, manufacturing or service environments to alert and, ultimately, predict potential safety or quality control issues.
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This represents the fifteenth investment from AFF since the Fund launched in Q4 of 2018. As with previous AFF investments in companies located outside the State of Alabama, Stroma Vision will move its headquarters to Alabama. AFF served as the lead investor on the round with participation from other US-based and international investors. Redhawk Advisory, LLC (“Redhawk”) serves as the investment manager of AFF and advised AFF on the Stroma Vision investment.
According to the Lloyd’s Register Foundation’s 2020 Safetytech Report, “2.8 million people die each year worldwide from safety accidents in the workplace or exposure to hazardous materials or situations, with significantly greater numbers injured.” Additionally, work-related accidents are estimated to cost approximately 3.9% of annual global GDP.
Using plug-and-play edge devices to analyze advanced physiological data such as fatigue, distraction, ergonomics of personnel or PPE non-adherence in real-time in any work environment, Stroma can provide insight into the current safety environment of virtually any operation. Stroma can also perform quality assurance monitoring using the same computer vision technology. Stroma’s system integrates with pre-installed security cameras and other devices, receives those signals into the Stroma software and creates alerts for safety managers or departments when any of that data shows conditions that are unsafe or non-compliant. Stroma can even use mobile-phone video to perform monitoring services like PPE compliance for companies with extensive field operations.
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The Stroma platform aggregates all of the data collected from monitoring devices and creates reports, raw data output and generates visualizations to track key safety metrics. Using the data gathered, the Stroma software deploys artificial intelligence and machine learning to suggest workflows that can be used to develop or refine safety procedures and process improvements based on actual collected data and behaviors.
Anil Üzengi, Co-founder and CEO of Stroma Vision expressed the strategic advantage of locating Stroma’s headquarters in Alabama, “By relocating to one of the nation’s most productive industrial states, we will be able to improve our value creation capabilities in the field with our award-winning industrial safety technology. We’re excited to explore the Alabama manufacturing scene and utilize the vast industrial complex to grow our business exponentially.”
Matt Hottle, Partner at Redhawk said, “The AFF investment thesis revolves around funding Alabama-based, high-growth technology startups or recruiting high-growth technology startups to Alabama. Stroma represents a truly strategic investment that leverages Alabama’s advanced manufacturing industries and skilled workforce with Stroma’s cutting-edge technology that will not only prevent injuries but will also create a significant economic benefit to its customers. It’s almost as if Stroma was built for Alabama.”
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