Guardhat, the industry leader and pioneer in Internet of Things (IoT) safety technology for the global industrial workforce, today announced an undisclosed Series B round led jointly by General Catalyst, Durable Capital Partners LP and Annox Capital. The round brings Guardhat’s total funding north of $40 million since inception. Caterpillar, Sallyport Investments, LLC, and Barton Malow also participated in the round, joining existing investors Mesh Ventures, Detroit Venture Partners, 3M Ventures and RTP Ventures, among others.
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“Workplace safety is a global challenge with millions of people injured on the job every year. It’s an economic issue but more importantly, it’s a human and quality of life issue,” said Brian Ru, investor at General Catalyst. “The team at Guardhat is developing technology-based solutions that draw on their deep industrial experience to improve outcomes for just about any workplace in which safety and productivity intersect. It’s an important mission and we’re honored to be working with them.”
Guardhat’s revenue has increased at roughly 3x year-over-year, and the firm plans to double its team size by the end of 2021. The US Midwest-based provider of infrastructure, software, and wearable technology will use the investment to support its continued growth. Strategic hires are to be made in sales, product management, marketing, human resources, deployment and engineering.
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“This past year was a testament from both the customer side and investor side that making frontline workers safer and more productive is foundational,” said Saikat Dey, CEO of Guardhat. “We are humbled by the caliber of partnerships we’ve forged and hope more will join us on this journey of defining what a connected worker solution should be.”
Additionally, Guardhat today announced that Bob Mylod has joined its Board of Directors. Mylod is Managing Partner at Annox Capital and serves as Chairperson of the Board for both Booking Holdings Inc. and Vroom, having overseen the latter’s IPO in June 2020. He also sits on the boards of several companies including Dropbox, Redfin and Bloomscape. Mylod brings to Guardhat’s board unmatched experience as a venture capital investor, senior financial executive and strategic virtuoso.
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