Fatigue Science announces new funding from BDC to scale its predictive fatigue management platform for heavy industry
Vancouver, BC, April 15, 2021 —
Fatigue Science, the global leader in predictive fatigue management technology, is pleased to announce that it has received a USD $1.0M investment from BDC Capital — one of Canada’s most prominent tech-industry and startup investors. This financing will enable the Company to grow more rapidly despite the impact of the COVID-19 pandemic on its markets and customers and scale its Fatigue Management Information System, a solution that enhances productivity and safety for global industrial workforces.
Fatigue Science President and CEO Andrew Morden thanked BDC Capital for its shared belief in the Company’s mission. “Despite challenging global economic conditions resulting from the COVID-19 pandemic, in the past year Fatigue Science has been fortunate to hit its stride, with a strong, steady customer base of leading mining and industrial firms who rely on our SaaS technology. Our customers have not only discovered the impact that worker fatigue has on the effectiveness of their operations and the safety, health and wellness of their workforce especially during the COVID-19 pandemic, but also the value that a Fatigue Management Information System (FMIS), such as ours, can provide in mitigating risk and maximizing 24/7 output. While our customer footprint is expanding globally, we are dedicated to growing our employee base here in Canada as we scale our own operations. This BDC Capital funding enables us to materially accelerate toward this goal.”
Robert Higdon, SVP of Product and Marketing, adds, “We are very excited to receive this support from BDC Capital. This funding will enable us to drive the new and rapidly expanding fatigue management technology market, grow our global customer base and accelerate the development of the advanced technology that the market is now demanding, including worker fatigue alerts, workforce fatigue forecasts, associated predictive analytics with greater personalization, and robust workflow management that minimizes process and procedural friction.”
“Innovative solutions to enhance productivity and safety for industrial workforces are imperative,’’ said Jérôme Nycz, Executive Vice President, BDC Capital. “Fatigue Science’s predictive fatigue management platform has proven results supporting workers in heavy industries and funding provided through the Bridge Financing program will help solidify the company in its expansion.’’
BDC Capital’s Bridge Financing Program aims to support eligible Canadian venture firm-backed companies impacted by COVID-19 who may not qualify for many of the federal government relief measures.
The Company’s Readi FMIS is a comprehensive SaaS platform for managing fatigue in 24/7 operations. Combining inputs of schedules, sleep data, and circadian factors, Readi uses SAFTE™ the world’s leading biomathematical model, to predict fatigue at an individual level. Readi then securely aggregates data to make it actionable at each level in industrial organizations, from on-wrist Fatigue Alerts for operators, crew monitoring and intervention tools for supervisors, and rich aggregated and anonymized analytics for Leadership and Health & Safety teams. Together, these tools enable customers to achieve a proven reduction in risk and increase in productivity. “While the megatrends of sleep and IoT technology continue to accelerate interest in our platform from industrial firms worldwide, it is the measurable ROI of our solution that enables our customers to expand Readi throughout their global operations,” adds Andrew Morden.
About Fatigue Science:
Fatigue Science is the leading provider of predictive fatigue analytics and human performance insights for heavy industry, elite sports, and military. Headquartered in Vancouver, Canada, we provide organizations with Readi, a 360º Fatigue Management Platform, delivering historical, real-time, and forecasted insights into workforce fatigue. Our solution is built on scientifically-validated biomathematical models that quantify and predict the effects of sleep disruption on reaction time and cognitive effectiveness, key elements of fatigue. High performance organizations use our software to optimize operations, reduce risk, and increase productivity — both at an individual- and enterprise-level. With a proven return on investment and significant traction in heavy industry, military, and elite sports, Fatigue Science serves cutting-edge organizations who understand the importance of sleep as well as the value of data-driven decision-making.
About BDC Capital:
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. For more information, visit www.bdc.ca/capital
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President & CEO