Why we invested in Protex

At firstminute, we are excited about the applications of computer vision and artificial intelligence to the physical world - we have backed a number of companies in the space including Wayve (Europe’s leading autonomous driving company), Phaidra (Building AI-based control systems for industrial facilities) and Relation Therapeutics (Accelerating drug discovery for life-threatening diseases). 

Our latest investment in this category is Protex AI - using computer vision to identify health and safety compliance in industrial facilities, warehouses, ports and more. After leading the seed round last year, we are thrilled to announce they have now raised their $18m Series A round led by Notion with participation from Scor (one of the world’s largest reinsurers), Flexport (the leading technology platform for the logistics industry) and Playfair. 

One of our big assets is our network of 120 unicorn founders and CEOs of global corporates - many of whom have built and scaled companies in manufacturing, logistics, the retail and airline industry, shipping and waste management. Every introduction we made during our due diligence process was keen to speak with Protex about implementing their solution. 

With over 2.5m workplace injuries in the US alone in 2020, this is unsurprising! Frontline workers should have the right to work with the peace of mind that their employers are doing everything they can to keep them safe. Companies are equally incentivized to do so given the costs associated with claims for both fatal and non-fatal incidents ($62bn a year is estimated to be paid out by enterprises in the US for workplace injuries). 

Protex is on a mission to solve this problem by integrating into the existing CCTV infrastructure of their clients sites and identifying risks at their facilities in real-time. Companies can simultaneously build rules and workflows when it comes to the health and safety of their facilities as it relates to the interactions between their workers and machinery. Over time, we believe the potential for Protex is vast with their ability to become the core operating system for enterprises that bridges the physical and digital world and be the standard for Industry 4.0. 

We’re in the business of backing talent magnets and Dan (CEO) and Ciaran (CTO) encapsulate this term for us. Their ambition and hustle is energizing and they have the ability to rally brilliant people around them. This combined with the mission-driven nature of the company and the technical challenges involved with building such a complex (but needed!) product we believe means they will have an unfair advantage in attracting world class talent that will help the company become a leader in their category. We are thrilled to be on the journey alongside them.