Nationwide said it has invested in KINETIC, a startup that makes a smart wearable device and software platform designed to reduce workplace injuries.
The investment comes through Nationwide’s venture capital arm. Neither the insurer nor New York City-based Kinetic disclosed the specific amount.
Haytham Elhawary, KINETIC’s CEO and co-founder, said in prepared remarks that the company is “thankful to Nationwide for partnering with us as we work to reduce workplace injuries.”
KINETIC’s device helps workers move with better body mechanics by providing real-time feedback in the form of a vibration to the wearer, reinforcing safer body mechanics every time a risky motion occurs. As the investment announcement explained, an accompanying dashboard helps managers understand where their next injury might happen by showing increases in risk by department, time of day or job type.
KINETIC claims it has been successful in reducing OSHA recordable injury rates and lost workdays by 54 percent and 88 percent, respectively. KINETIC has been used with more than 21,000 workers at over 150 locations, according to the investment announcement.
Nationwide said its investment in KINETIC and other startups is part of an ongoing effort to commit more than $100 million of venture capital toward customer-centric products and services.
Source: Nationwide