GoX Labs, the Phoenix-based startup developing a predictive injury prevention solution called Boost, has raised an undisclosed round of seed funding from SeAH Global, Inc., a US-entity of SeAH Besteel Holdings Corp. This round of financing will enable investment in the areas of sales and marketing, customer service, and partner success.
GoX Labs is expecting an increased demand for more governmental oversight regarding heat stress in the workplace. GoX Labs’ patented smart watch app for heat stress prediction was validated in an independent study by Samsung as the most accurate and effective solution of its kind. Companies such as the U.S. Steel Corporation are realizing a 100% reduction in heat injuries using GoX Labs’ smart watch app.
“Our approach to mitigating heat stress, like all other injury risk predictions, is based on 12 years of outcome-correlated data analytics, fundamental science and independent validation,” said CEO and Co-Founder Dr. Joe Hitt. “We understand the root cause of each of these injury risks and we eliminate them one worker at a time using our automated learning process.”
GoX Labs’ Boost is the only all-in-one wearable solution that is effective against the top five workplace injuries, which include repetitive stress injuries, slips and falls, overexertion, machine-related injuries, and exposure to harmful chemicals. Partnership and customer growth in 2022 has been exponential given the novel science, price point, partner benefits, and positive customer outcomes.
This round of funding shows confidence in GoX Labs’ technology from a strategic investor who deeply emphasizes the importance of workforce safety. “We have reviewed a number of comparable biometric-based solutions and found Boost to be the most holistic solution in the world that is based on validated science,” said Sujin Kim, Head of Innovation Center at SeAH Besteel Holdings Corp.
“We are extremely happy with the funding of SeAH Global, Inc. We will focus on informing companies that there is a better way to take care of their colleagues’ health and safety. It is better to identify a risk and warn them before that risk turns into an injury. Boost is currently available in North America, Australia, New Zealand, and Singapore. With the additional funding, we will be able to add parts of Europe, Middle East and Asia to the list,” said Duncan Treffers, Chief Growth Officer at GoX Labs.
GoX Labs’ Boost system is redefining how wearable devices can help improve workforce health and wellness. The Boost system uses commercially available sensors, like a smart watch and a sensor pod. The proprietary algorithm developed by GoX Labs turns ubiquitous third-party smartware into an effective injury fighting solution. Everyday, 89 million workers in the US and 350 million in developed countries are exposed to injuries. Some risks such as heat stress and transportation accidents are growing. The Boost solution stays in front of the evolving need to protect our workers who are delivering the essential services that make the world go around.
SeAH Besteel Holdings, Korea’s No. 1 special steel manufacturer, produces top-quality special steel through its optimized automatic system. SeAH Besteel Holdings is leading the market with its competitive product quality and world-class production capacity to manufacture steel by 2.1 million tons and forged products 1.8 million tons a year. SeAH Besteel Holdings has positioned itself as a company specializing in special steel by actively promoting R&D.
In the automobile field, SeAH Besteel Holdings, through in-depth research and successful technological development, is supplying independently developed products to meet more than 20% of special steel demand of automakers in Korea.
Recently, the company is improving product competitiveness in the global market by strengthening its global marketing organization and entering into contracts with OEM companies that supply products to global automakers. In the rapidly expanding eco-friendly energy market, SeAH Besteel Holdings has also embarked on targeting the special steel market for offshore wind power generation field by winning contracts for and supplying special steel products that are used in wind power turbine gearboxes and offshore wind power generators.