Cipher Skin, the company translating the physical world into actionable data insights, today announced it has raised US$5 million in Series A funding led by the Boyett Group with participation from Draper Capital, Tribe Capital and TKC Capital to grow its product line and expand into new markets.
At the core of Cipher Skin’s technology is Cipher Mesh, a network of sensors that can be printed on any textile and wrap around any physical object, from human limbs to bridges and pipes. This patented technology captures movement, retrieves internal metrics, and translates both into actionable, visualised insights through proprietary software – delivering diagnostics that can solve myriad challenges for a constellation of industries.
“Building a massive database to decode the world around us is central to our mission,” said COO and co-founder Dr. Shaka Bahadu. “If you think of data as the DNA of the physical world – the building blocks that hold unique information and shape the structure of everything – then we are mapping it at scale and providing actionable insights to offer valuable solutions that will transform how we tackle, and even prevent, the problems our world faces.”
The new round brings total funding to US$7.8 million and builds off the US$1.5 million the Department of Defense awarded the company in June 2020 as part of the Small Business Innovation Research (SBIR) programme recognising Cipher Skin’s innovative human performance application, which has also attracted customers including the Air Force Special Operations Command. This round will help the company further develop the existing product line in the human performance industry and expand into new markets including oil and gas.
“Cipher Skin’s technology has broad applications, which is evident from the interest we’ve received from top-tier investors across a variety of fields including data analytics, oil and gas, wine making and general disruptive tech,” said CEO and co-founder Philip Bogdanovich. “Our investors understand the power of accurate data and insights at scale, not assumptive algorithms that make vague interpretations from limited sources. We’re excited to prove the power of these measurements.”
Cipher Skin has experienced exponential growth; revenue increased by 3200% from 2019 to 2020 and headcount grew 250% over that same period. The company expects similar growth rates in the upcoming few years by partnering with medical, wellness, athletic and industrial companies to embed its patented technology into their products. This will allow Cipher Skin to focus on managing and analysing the data that it anonymously captures from all the licensed products as it fulfils its mission of building the largest and most accurate database of the physical world.
“Cipher Skin analyses flow in a unique way, helping people improve everything from physical therapy to how fluids run through pipelines. The data they capture can be extraordinarily valuable. The company brings together a diverse team of engineers, data scientists, medical professionals, and PhDs to bring analytics to a new frontier that allows us to visualise our world and the human body. We’re excited to fund the immense potential of Cipher Skin’s technology to create the next generation of human wellness and industrial performance products.” – Tim Draper, founder and managing partner, Draper Associates.
“The data from connected devices will continue to transform almost every aspect of our society from streamlining business operations to increasing the safety of machines by predicting failures before they occur. Cipher Skin is taking current node and sensor data one step further by providing a transparent life view.” - Arjun Sethi, co-founder and partner, Tribe Capital.
“Decaying energy infrastructure is a critical and under-appreciated problem; pipeline leaks in particular are devastating for both industrial function and local communities. Understanding the scope of these problems and being able to predict and mitigate them within a retrofittable system is of tremendous commercial and societal value. Cipher Skin is offering a new way to find and prevent leaks that helps us increase our bottom line and efficiencies.” - Dale Boyett, president, Boyett Petroleum.
For more news and technical articles from the oil and gas pipeline industry, read the latest issue of World Pipelines magazine.
The February 2021 issue of World Pipelines includes: a report on Australasian pipelines; an interesting look at the need to protect pipeline information from the Freedom of Information Act (USA); analysis of Ukraine’s place in the global gas sector; and technical articles on subsea repair, coatings, ILI and SCADA systems.
Read the article online at: https://www.worldpipelines.com/business-news/02032021/cipher-skin-raises-us5-million-to-translate-the-physical-world-into-actionable-data-insights/