StrongArm Technologies Raises $50 Million Series B to Help Fortune 500 Companies Protect & Empower Their Industrial Athletes
StrongArm Technologies, a technology company providing actionable data and insights for Industrial Athletes through its wearable devices, announced that it has raised $50 million in Series B funding led by Drive Capital, whose other notable investments include Duolingo and Root Inc. StrongArm’s wearable devices protect over 30,000 of today’s Industrial Athletes – individuals who put their bodies on the line day in and day out to fulfill the world’s essential services – by providing real-time feedback to inform safety, proper training and productivity across the workforce.
The Series B funding is the company’s second raise in the past 12 months and comes on the heels of notable customer growth, with Fortune 500 brands like Walmart, Albertsons Companies and Toyota, along with industry leaders Lineage Logistics, Merck Animal Health and Metcash, joining the rapidly expanding list of companies using StrongArm’s wearable devices and data to protect their workforce. To date, the company has seen a fivefold increase in its year over year revenue growth. The newly secured funds – which represents the largest round ever secured by an industrial safety wearables company – will be used to grow the team and further expand services in key sectors, including the introduction of its SafeWork System, empowering customers with workforce optimization and organizational impact tools, in addition to its core injury reduction offerings.
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The success of StrongArm’s wearable devices hinges on the sensors developed to provide real-time feedback and warn supervisors of critical safety metrics, such as potential ergonomic strain and proximity for social distancing, while capturing data on traffic patterns, density and actions taken in specific locations via Bluetooth beacons to help improve operational efficiency. With more than 30 million hours of on-body data driving its insight engine, StrongArm’s wearable devices have proven a 45 percent year over year injury reduction rate for customers — consistently delivering ROI of 250% or more.
“The Industrial Athlete is the backbone of our global critical infrastructure, but remains tragically underserved by funding and innovation. Real-world data is today’s skeleton key to unlocking a brighter future for this workforce, defined by efficiency, innovation and above all, safety,” said Sean Petterson, Founder and CEO at StrongArm. “For every Industrial Athlete that goes home safe, the ripple effects are incalculable.”
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“StrongArm’s growth is a testament to the recognition finally given to the world’s Industrial Athletes, who deserve protection and support to execute the critical jobs they do every day,” said Nick Solaro, Partner at Drive Capital and a StrongArm board member. “StrongArm’s vision and passion for innovating for such a critical workforce is proving that a zero-injury future is within reach.”
“In five years, it will seem inconceivable that we once operated without industrial wearables and made decisions without the data they provide,” said Shaun Stewart, CEO at Newlab and a StrongArm board member. “StrongArm is applying reliable, innovative technology to one of the largest, most technologically in-need sectors in the entire economy.”
“Today, thanks to the end-to-end workforce optimization solution that StrongArm is building, we’re at an inflection point where we can see how industrial workplaces can become safer, better informed and more efficient,” said Arjuna Costa, Managing Partner at Flourish Partners and a StrongArm Board member. “We’re thrilled that the talented and caring StrongArm team is getting the resources and recognition to continue to pursue their passion of protecting the Industrial Athlete.”
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