TULSA, Okla., March 07, 2024 (GLOBE NEWSWIRE) -- EIC Rose Rock, an early-stage VC fund focused on energy technologies, today announced its direct investment into Safety Radar, a Tulsa-based start-up with offices in Oklahoma and Colorado that has built an artificial intelligence (AI) platform to help prevent job site accidents and enable organizations to quickly identify and address potential risks, protecting their employees, assets, and reputation.
EIC Rose Rock was the lead investor in the $1.5m Series Seed financing which also included strategic investor Helmerich and Payne (H&P), DA Ventures Seed Fund (a Denver Angels affiliate), as well as several other investors.
“We are excited to lead this investment into Safety Radar and continue delivering innovation and value to our corporate partners. The Rose Rock Bridge program provided the initial non-dilutive funding and start-up support services to ensure Safety Radar’s team built the company in Tulsa. This additional investment will enable Safety Radar to grow and deploy this world-class AI technology into our corporate partners’ operations to help further protect their employees from job site accidents – and will help to increase worksite safety across several industries,” said David Clouse, Managing Director of the EIC Rose Rock fund.
Garrison Haning, Safety Radar’s CEO, stated, “We are excited to become part of the EIC Rose Rock portfolio. Their investment highlights our shared excitement as Safety Radar’s AI platform aims to keep people safe in a diverse set of industries. We are grateful for the Rose Rock Bridge team’s early support that made it possible for us to build our company in Tulsa and engage with H&P and the other Rose Rock corporate partners.”
"H&P is committed to finding innovative ways to better control exposures and prevent incidents in our workplaces around the globe,” said Micah Backlund, H&P Director of HSE. "We are excited about Safety Radar’s technology and the potential safety impacts it has for our employees and others working in our industry.”
Prior to the investment from EIC Rose Rock, Safety Radar was a member of the Rose Rock Bridge start-up incubator and received a $100,000 non-dilutive grant to build the company in Tulsa. “We have enjoyed working with the Safety Radar team over the past 12 months. They are now positioned to scale-up quickly and make a significant impact in the Tulsa community,” added Kastle Jones, Managing Director of Rose Rock Bridge.
EIC Rose Rock has added eight portfolio companies since launching 12 months ago, with four companies committing to creating jobs in the Tulsa region. Four start-ups have also been accepted to date into Rose Rock Bridge’s incubator, with more pending.
About Safety Radar
Safety Radar is the first AI platform to stop job site accidents through behavioral risk tracking and training. Safety Radar’s AI approach to risk management and mitigation enables organizations to quickly identify and address potential risks, protecting their employees, assets, and reputation. For more information, visit http://www.safetyradar.com.
About EIC Rose Rock
EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com.
About Rose Rock Bridge
Rose Rock Bridge is a non-profit start-up incubator that sources and integrates nascent energy innovations with established corporations to solve the industry’s most challenging pain points. Rose Rock Bridge provides select energy tech start-ups with non-dilutive funding, piloting support, and access to customers to scale-up in the Tulsa region. For more information, please visit www.roserockbridge.org.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. (H&P) is committed to delivering industry-leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.
