[Funding alert] Stockholm-based Buddywise Secures €3.5 Million in Seed Funding

Several well-known angel investors took part in the round as well, including Eric Quidenus-Wahlforss, the inventor of Soundcloud, Hans-Olov Blom, the chair of Ramudden Global, and Hans Stråberg, the chair of Atlas Copco and SKF.

With the seed funding , Buddywise will grow its current clientele of foreign industrial firms and hire top commercial and tech expertise more quickly in order to launch the business's commercial expansion throughout Europe.

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Global concern over workplace health and safety is growing. The International Labour Organisation estimates that illnesses and accidents at work claim the lives of around three million workers annually. Moreover, there are more than 395 million major incidents worldwide each year that result in permanent injury to workers.

Six percent of the world GDP is lost economically as a result of work-related fatalities and disability-adjusted life years. In the EU in 2021, there were over 3000 fatal accidents and 2.9 million non-fatal incidents that required at least four calendar days of missed work. The construction industry accounted for more than 5% of all fatal workplace accidents in the European Union.

Lamin Faye, co-founder and CEO at Buddywise said, “Everybody should be able to return home unharmed after a day’s work, so we can’t accept the status quo. Every accident can be prevented and with Buddywise Operational and Safety leaders can finally get the real-time data they need to do so. The new funding means that we can bring more customers towards their zero injury vision and we will invest heavily into our ability to enable learning and action based on our data-driven insights,”.

Buddywise is to use the additional funds to develop its clientele of global industrial firms, hire more top-tier commercial and tech professionals more quickly, and start expanding its business operations throughout Europe.

Emmet King, Partner at J12 said, “Recent advancements related to computer vision models have seen great improvements in image classification and object detection, while also enabling efficient learning from limited information and more reliable performance across diverse real-world conditions. This has positioned the technology to be the primary tool in combating the serious issue of workplace safety and to replace the status quo of reporting apps, inspections, and sensors. Buddywise has built a leading solution and we’ve been thoroughly impressed by the way Lamin, Yigit, and the rest of the team are working towards a zero injury vision,”

Maria Wasastjerna, Founding Partner at Kvanted said, ”Workplace safety is crucial in the industrial sector, and to date, it is an area still lagging when it comes to digital transformation. Buddywise is a pioneer in changing this and that is the very reason we chose to support them. Buddywise’s unique solution, built on computer vision models, identifies and reports risks, and can prevent fatal accidents on the factory floor. The technology brings safety in the industrial sector into the digital age. We are super excited to join Lamin, Yigit, and the team in their journey towards a zero-injury vision,”

Oscar Westergard, Partner at Antler said , “Lamin and Yigit are a highly experienced founding team committed to addressing a major challenge – workplace safety. This is a practical application of AI and computer vision that is already saving lives and helping to avoid injuries and has the potential to impact thousands of lives across Europe and around the world. We are delighted to have backed Buddywise from day zero and have every confidence in their future success,”.

About Buddywise

Buddywise, a company founded in 2020, has developed a novel system that uses computer vision and artificial intelligence to identify safety hazards in the workplace in real time. Industrial businesses may quickly integrate the Buddywise platform with their current camera infrastructure.