WVV Capital invests in Chicago startup Drift Net for expansion
Venture capital firm WVV Capital, formed as a collaboration between Advocate Health, Foxconn, Johnson Controls International, and Northwestern Mutual, has made an investment in Chicago-based startup Drift Net Inc. The firm’s investment will help Drift Net expand its production and manufacturing capabilities for its KnowWhere Campus Safety System. This system utilizes artificial intelligence and visual sensors to detect safety and health threats, providing real-time data on occupants’ locations within a building, which is crucial during critical incidents.
Drift Net secures Series A extension to enhance campus safety system
Drift Net has received a Series A extension to further develop its KnowWhere Campus Safety System. The funding, provided by WVV Capital, will enable Drift Net to enhance the manufacturing and production of its artificial intelligence security system. The KnowWhere system employs visual sensors, threat sensors, and thermal imaging to detect safety and health risks. By expanding the manufacturing efforts, Drift Net aims to provide schools with valuable real-time data on occupants’ whereabouts, ensuring improved safety preparedness during emergencies.
Drift Net receives new funding after successful Series A round
Following a successful $15.6 million Series A funding round earlier this year, Drift Net has secured additional funding from WVV Capital. The exact amount of funding was not disclosed by Drift Net, but it aligns with WVV Capital’s focus on supporting AI-driven startups. Drift Net utilizes artificial intelligence in its visitor management systems, which include ID scanning and background checks to help schools detect security threats and weapons in real time. This new funding will further propel Drift Net’s efforts to provide cutting-edge security solutions to educational institutions.
WVV Capital: A joint partnership of major employers investing in early-stage startups
WVV Capital was established in 2018 through a collaboration between four prominent employers in southeast Wisconsin. The venture capital firm, whose full name is Wisconn Valley Venture Capital, was created to invest in early-stage startups operating in various sectors, including healthcare, technology, manufacturing, and financial services. While the initial plan involved Foxconn’s Mount Pleasant campus, which did not come to fruition, WVV Capital still operates with a focus on supporting innovative startups. The firm boasts an impressive portfolio of 11 companies and has already celebrated one successful exit, Siris Medical.
Drift Net plans to increase manufacturing efforts and headcount
With the backing of WVV Capital and the success of its KnowWhere Campus Safety System, Drift Net is scaling up its manufacturing capabilities. The startup recently opened a new 10,000-square-foot facility in Chicago’s West Loop and intends to further expand its manufacturing facility. Drift Net aims to double its headcount, with plans to hire 150 employees by the end of 2024. The company’s growth will primarily focus on strengthening its manufacturing, sales, and software engineering teams. Currently, Drift Net serves over 40 districts and more than 150 schools across multiple states, with aspirations to increase its presence in Chicago-area schools. The company’s marketing efforts are often guided by grant funding opportunities and legislation that support enhanced security measures in educational institutions.
In conclusion, Drift Net’s partnership with WVV Capital and the additional funding received will accelerate the development and manufacturing of its innovative KnowWhere Campus Safety System. The expansion of its manufacturing capabilities and planned increase in headcount demonstrate the startup’s commitment to offering comprehensive security solutions for schools to better prepare and respond to potential threats. With its AI-driven technology and focus on real-time data, Drift Net is well-positioned to play a vital role in enhancing campus safety nationwide.
Analyst comment
Positive news. The partnership with WVV Capital and additional funding will accelerate the development and manufacturing of Drift Net’s KnowWhere Campus Safety System. The company plans to increase manufacturing efforts and headcount, showing commitment to comprehensive security solutions. With AI-driven technology and real-time data focus, Drift Net is well-positioned for success in enhancing campus safety nationwide. Market potential is optimistic as demand for advanced security systems in educational institutions continues to increase.
