West Des Moines-based MākuSafe has successfully raised $1.5 million, which will help the company continue to expand its manufacturing process and grow its team.
The raised $1.5 million comes mostly from previous investors—EMC Insurance Companies and Next Level Ventures—but also includes Colin Hurd, founder of Smart Ag, which was acquired by Raven Industries in November. The raised capital will go toward toward growing the team and additional resources for scaling company growth, Gabriel Glynn, CEO and co-founder of MākuSafe told Clay & Milk.
MākuSafe’s 2020 goal is to deploy 8,000 wearable devices into companies across the country. Glynn told Clay & Milk that the company already has a chunk of its inventory sold or on Letter Of Intent (LOI).
“We conducted pilots in 6 states over the last few months,” said Glynn. “The pilots yielded some exciting results with over $600,000 in estimated loss savings during that pilot period. In addition to the hazards identified by the system, several operational changes were made by companies based on data that came out of the pilots.”
This is the third round MākuSafe has completed. The company raised $3 million in February of last year and $1.25 million in October 2017. This round brings the total funds raised by MākuSafe to nearly $6 million.
“We started 2019 with 4 people on our team and today we have 10 so team growth was a big part of our last raise,” said Glynn. “We also used the funds to get our manufacturing operation up and running and securing a global supply chain for our technology components.”
In October, MakuSafe was named the winner of the 2019 ACORD InsurTech Innovation Challenge.
MākuSafe raises nearly $3 million seed round-Feb. 14, 2019
Mākusafe wins Accord Insurtech Innovation Challenge -Oct. 31, 2019