Startup Company Safehub Secures $9 Million for Earthquake Analytics Platform

By James White Tuesday, May 4, 2021

Early emergency warning systems play a critical role in mitigating damage from natural disasters. Experts in the business can help those in high-risk areas prepare for destructive weather or other natural phenomena. Furthermore, owners can prep their company or business for any interruptions in operations that may arise. Startup company Safehub recently raised $9 million from investors to build out its earthquake analytics and risk management platform.

"Never before have businesses had this level of information at their fingertips, allowing them to quickly assess damage resulting from catastrophic events, often on the other side of the world,” said Andy Thompson, co-founder and CEO of the startup company. “Our vision is to use IoT [Internet of Things] building sensors and advanced data analytics to provide real-time risk insight for all global commercial buildings, for multiple hazards. We are transforming the entire risk ecosystem, including emergency response, business continuity, structural engineering, and insurance."

Funding for Safehub in the latest round was fueled by lead investor A/O PropTech. Support for the startup company and its earthquake risk management business was also driven by investors including Hannover Digital Investments (HDI Group) and JLL Spark, in addition to existing investors such as Fusion Fund, Ubiquity Ventures, Promus Ventures, Bolt, Blackhorn Ventures, Maschmeyer Group Ventures, and Team Builder Ventures. Safehub will use its newest source of capital to accelerate the growth of the startup company and scale its business globally.

A seismograph recording an earthquake.

Reducing Business Interruptions From Earthquakes

Co-founded by Thompson and entrepreneur Doug Frazier, Safehub helps users minimize losses due to earthquakes. Through the use of proprietary sensors and software, the startup company provides real-time structural damage information for commercial buildings.

Sensors built by Safehub detect motion in the earth as well as the response of the structure the device is installed in. The sensors are capable of analyzing the natural frequencies of structures to determine any damage done to the building by the earthquake.

Building information is accessible through a web dashboard at any time, and email or text alerts are sent to users when motion or damage is detected. The platform from the startup automatically gauges the level of structural damage and helps business owners estimate potential losses due to business interruption. By providing readily available information regarding the stability of a building, owners can effectively determine whether it is safe to resume operations or temporarily shut down while repairs are made.

"Our mission drives us to seek out technologies that digitally transform both insurance and reinsurance for the benefit of our clients,” said Ulrich Wallin, head of Hannover Digital Investments, the investment arm of HDI Group. “Safehub's solution for delivering real-time building-specific earthquake damage information fits well within that mission.”

Tapping Into the Emergency Management Industry

Safehub is breaking into a growing industry. The market research projects the global incident and emergency management market to reach $148.5 billion by 2024 at a CAGR of 6.8%. While Safehub is currently focusing on earthquakes, the business model designed by the startup company holds great potential to expand into new markets by providing data related to other natural disasters.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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