Safehub earthquake platform raises $ 9 million

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Safehub, a startup developing an Internet of Things platform to monitor the structural integrity of buildings, today announced the closure of a $ 9 million round of Series A led by A / O PropTech. The company says it will use capital to expand its platform and acquire new clients, as well as grow its engineering team.

A recent Federal Emergency Management Agency (FEMA) study estimated US losses from earthquakes at $ 4.4 billion annually. Each year, there are an average of about 15 earthquakes with a magnitude of 7 or more, powerful enough to cause billions in damage and significant loss of life. Despite this, more than 60% of small businesses in the United States do not have a formal emergency response plan and fail to back up their sensitive data off-site.

Founded in 2015, Safehub aims to address risk with a real-time earthquake monitoring product that leverages motion sensors, analytics, and third-party data to provide construction safety information. Safehub’s cell-connected sensors measure the Earth’s motion to earthquakes and the building’s response, as well as changes in the natural and resonant frequencies of buildings. The company uses this information to estimate damage to buildings and business related interruption losses. In the event of an earthquake, Safehub sends damage alerts and financial loss estimates via text, email, and web dashboard.

In 2019, Safehub collaborated with the Global Earthquake Model (GEM) Foundation to directly model structural strength from sensors installed inside buildings. The company used the data to improve computational forecasts of earthquake damage that inform vulnerability estimates, risk and insurance calculations, as well as other planning information it provides to customers.

Recently, Safehub released the latest generation of its sensor technology, which includes a rechargeable battery, accelerometer and connectivity options such as long-range network radio and LTE. The company says 99% of calculations can be performed on the sensor, reducing the need for cloud connectivity.

Seismic detection with sensors

Safehub is not the only company intending to tackle the issue of earthquake detection and risk assessment. There is a Grillo, an alarm in the house that claims to provide warnings for up to two minutes before an earthquake strikes. Not only does SkyAlert provide earthquake early warning, but it can also shut off gas and collector lines. Not to mention One Concern, which uses artificial intelligence and machine learning to advise fire departments on how to plan and respond to earthquakes.

Some experts doubt the accuracy of these systems. In February 2019 and August 2019, the SkyAlert app released alerts that overestimated earthquakes and caused tens of thousands of people to unnecessarily evacuate. In response, the Mexico City government adopted a measure barring private companies from sending alerts to companies and residents.

But studies show that algorithms can be trained to predict earthquakes with reasonable accuracy. Researchers from Google’s Department of Artificial Intelligence and Harvard University have created an AI model capable of locating aftershocks up to one year after a major earthquake. Scientists at Stanford University have developed an artificial intelligence system – CRED – that can identify seismic signals from historical and continuous data.

Hanover Digital Investments and JLL Spark, the strategic investment arm of commercial real estate services firm JLL, also participated in Safehub’s latest financing round in San Francisco, California. Current supporters have also contributed to Fusion Fund, Ubiquity Ventures, Promus Ventures, Bolt, Blackhorn Ventures, Maschmeyer Group Ventures, and Team Builder Ventures. The company has 12 employees and this round brings the total raised so far to $ 14 million.

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