American International Group Inc. said Wednesday that it has made a “strategic investment” in Human Condition Safety Inc., a New York-based firm that is working to develop wearable safety devices. Terms of the deal were not disclosed by AIG. AIG Commercial Insurance CEO Rob Schimek is expected to discuss AIG's investment in Human Condition Safety on Friday during the Consumer Electronics Show in Las Vegas, according to a statement from AIG. The “technology from HCS will help enable us to work with clients to make their worksites safer places for their employees and help reduce our clients' overall cost of risk,” Mr. Schimek said in the statement. “We will continue to look for more opportunities with firms like HCS that set the pace for mitigating and managing risks in ways unthinkable just a few years ago.” Human Condition Safety's website provides limited information about its wearable technology, but says it includes “advanced fused sensor technology (that) disappears into traditional safety clothing and allows workers and employers to run the safest job sites possible and develop deep insights about safety, efficiency and future projects.” A Wall Street Journal report said Wednesday that Human Condition Safety's technology includes sensors attached to safety vests that can provide real-time data about workers' movements. CrunchBase reports that Human Condition Safety raised $12.92 million in first-round venture capital funding as of Dec. 17.
American International Group (AIG), has invested an undisclosed sum in a maker of wearable devices designed to monitor the movements of employees, stating it would help reduce on-the-job accidents. The company is investing in an early-stage technology startup company called Human Condition Safety, which is creating tools that help workers, managers and worksite owners prevent injuries before they happen. In addition to its investments in AIG, GE also recently announced plans for a new health care venture with UnitedHealth Group, as well as a plan to invest $1 billion over five years into a AIG Commercial Insurance CEO, Rob Schimek will discuss the investment further on January 8 at the CES show in Las Vegas as part of a broader talk on the Internet of Things (IoT).