St. John’s-based Focus FS, which is developing cloud-based solutions to safeguard industrial worksites, has closed a $1.4 million financing round led by BDC Capital.
Focus FS’ funding also comes from other undisclosed investors; however, BDC Capital is providing an $800,000 quasi-equity investment as part of the funding.
Focus FS has developed a cloud-based safety management solution that digitizes the collection, reporting, and distribution of critical information for workers in the heavy industrial sector. Specifically, the company’s solution allows users from the mining and industrial sectors to locate injured workers and assist emergency responders during emergency situations. Focus FS’ goal is to help industrial workers to enhance their digital oil and mining projects.
“[Industrial worksite digitization] helps save lives and reduce worksite injuries.”
“We have proven that industrial worksite digitalization is saving our customers millions of dollars. More importantly, it helps save lives and reduce worksite injuries,” said Jeff Brown, CEO and co-founder of Focus FS. “We have been a part of the digital oil and mine reform and have built our products to create those data-driven insights in the new digital connected ecosystem”.
Focus FS said it plans to use the funding to invest in sales and marketing in North American and international markets.
“Focus FS’s success to date is attributable in large part to their client-centric approach,” said Brian Whiteway, director of growth and transition capital at BDC Capital in Newfoundland and Labrador. “They have collaborated with industry experts and operators to understand their pain points and have built their products to address their needs. The company now feels it has reached a strong product-market fit and that it is ready to accelerate its growth.”
Photo via Unsplash.
