Blackline Safety Raises $36 Million To Accelerate Connected Worker Market Growth
Connected worker solution provider Blackline Safety has raised $36 million through a private placement of shares to accelerate its product, vertical industry and geographic growth plans. Blackline Safety entered 2020 in a robust financial position. After registering revenue growth of 87% in the financial year ending October 31, 2019, Blackline Safety continued to grow through the COVID-19 crisis and registered a 21% revenue increase in the six months ending April 30, 2020. The Blackline Safety fund raising is consistent with investments in other connected worker solution providers in 2020 such as Librestream ($24m) and Parsable ($60m) and in 2019 for RealWear ($80m). Blackline Safety is headquartered in Calgary and listed on the Toronto Stock Exchange.
Blackline Safety is positioned to help customers resolve existing and new challenges caused by the COVID-19 pandemic due to the modular design of its G7 connected worker solution. The modular design allows users to configure the product to meet different usage scenarios such as gas detection, lone worker monitoring and most recently industrial site contact tracing. This cartridge-based extensibility for the wearable devices has provided Blackline Safety with the ability to quickly adapt to the new requirements of contact tracing and worker proximity data collection. Verdantix classifies this product architecture as ‘holistic IoT connected worker platform’ which distinguishes it from pure IIoT offerings and more simple enterprise software plus mobile apps propositions.
Delivering on the promise of industrial wearables and the IoT, the Blackline Safety G7 devices stream data to a cloud database which applies AI to generate insights to improve operational performance and the cloud connectivity also means new functionality can be deployed across all devices. By the end of 2019, Blackline Safety reported that its cloud database had received 250 billion data points, 2 billion gas readings and 5 million real-time alerts. Live-streaming gas detection data from the field to the cloud is a best practice for process safety management – a topic which will be discussed at the forthcoming Verdantix virtual event on PSM.
Why is the connected worker solutions market getting so much attention? The COVID-19 crisis has forced managers who were neutral on the value of digital technology to accelerate adoption. To learn more, attend the Verdantix webinar on connected worker solutions.