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CAMBRIDGE, Mass., Dec. 9, 2020 /PRNewswire/ — Smartvid.io, an AI-powered construction safety platform, today announced a $5 million round of new funding from Sony Innovation Fund (SIF) and IA Capital Group. Joining the round were prior investors, Building VenturesCompanyon Ventures and Converge, among others. This new round brings the total amount of funding that Smartvid.io has raised to $21 million.

“Smartvid.io has demonstrated strong commercial traction both with top-tier construction companies in the US, EU and Japan, as well as insurance carriers,” said Gen Tsuchikawa, CEO and Chief Investment Officer for the Sony Innovation Fund (SIF) and Innovation Growth Ventures (IGV). “By harnessing a very concrete and pragmatic use of machine vision in an industry vertical that is still analog and fragmented, Smartvid.io provides a cutting-edge example of how advanced technologies can be applied to solve difficult problems, while still blending into the existing work process. This investment marks our very first investment in the AEC space and we couldn’t be more excited to have expanded our industrial portfolio with Smartvid.io.”

Additional information can be found in the PRNewswire Press release.