Earthquake data analytics startup Safehub raises $5M
Earthquake data analytics startup Safehub Inc. today said it has raised $5 million in new funding to accelerate the deployment of its service to Fortune 500 companies seeking to strengthen their business continuity and resilience efforts.
The seed round was co-led by Fusion Fund and Ubiquity Ventures and included Bolt, Promus Ventures, Blackhorn Ventures, Maschmeyer Group Ventures and Team Builder Ventures.
Founded in 2015 by structural engineers and catastrophic risk management veterans, Safehub offers real-time, building-specific earthquake damage information. The company’s platform combines sensors, analytics and third-party data to provide the damage information.
Safehub sensors, designed to be low-cost and easy to install, measure earthquake ground motion and building response, as well as changes in a building’s natural frequencies. The information gathered by the censors is used to estimate the damage to the building and related business interruption losses. Should an earthquake occur, Safehub’s platform sends actionable damage alerts and financial loss estimates via text messages, email alerts and a web dashboard within minutes post-event.
The use of the sensors also allows corporations to refine and evaluate insurance and risk reduction programs by providing structural data that can be used to evaluate buildings and how they react to earthquakes large and small, an ongoing issue along the U.S. West Coast.
The risk of earthquake damage, while always present in hot zones, is more so recently on the west coast with a report last week finding that recent changes along earthquake faults suggest that there’s an increased possibility of a major earthquake on the San Andreas Fault. The fault line runs through most of California, including straight through Silicon Valley and San Francisco.
“In the event of a natural disaster, organizations need timely and detailed information to get ahead of potential downtime and business interruption losses,” Andy Thompson, chief executive officer of Safehub, said in a statement. “With our platform, business continuity and emergency response professionals can understand the extent of the problem remote and prioritize damage assessments with building-specific data.”
Including the new funding, Safehub has raised $10 million to date.
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