The newly created STEM branch of Hillside Ventures, a student-run venture fund at the University of Connecticut, has made its first investment of $50,000 in a hardware and software solutions company, according to an Oct. 1 press release.
Hillside Ventures is an investment fund “supporting companies either founded by UConn alumni or that are in the sustainability, insurtech, or edtech industries,” according to its website. The website also said that Hillside Ventures’ goal is to engage students in entrepreneurship and expand opportunities for students at the undergraduate level.
Alex Cameron, a fifth-semester mathematics and statistics double major, has been at Hillside Ventures for three semesters. Cameron, the relations lead at the fund, said the main goal of Hillside Ventures is to invest in early-stage companies.
“As a nationally recognized student-run venture capital fund, students lead investments guided by a stellar team of professionals across multiple industries,” the press release said.
According to the press release, the arm of the fund dedicated to science, technology, engineering and math focuses on investing in companies on the forefront of software, manufacturing and healthcare. About 70 percent of the students involved with the STEM branch are STEM majors, according to Cameron.
The press release explained that the STEM fund’s first investment, Siera.AI, “is a leading provider of AI-driven safety solutions for forklifts and other warehouse operations, dedicated to enhancing workplace safety and efficiency through innovative technology.” According to the press release, Siera.AI can retrofit the technology onto any forklift model.
“There’s not another option on the market that’s as comprehensive, that can attach to any forklift,” Cameron said of Siera.AI. “Oftentimes in warehouses, they might have lots of different forklifts, but not one automated safety solution.”
Cameron also said Siera.AI was appealing because it has patented technology that is addressing a real-world issue and because of its ties with other well-established companies.
“Given Siera.AI’s current partnerships with major industry players such as Coca-Cola, John Deere, and PepsiCo, Hillside Ventures is confident in the company’s growth trajectory and innovative approach to warehouse safety, which will continue to drive value and expansion opportunities in the future,” the press release said.
According to Siera.AI’s website, they began with a grant from the U.S. National Science Foundation that they used to study the industrial mobility marker. The website called the results of the study “both an eye-opener and a shocker.”
“Industry statistics showed us a staggering $30B+ spent in the US each year on forklift accident costs with almost 100 deaths and 36,000 serious accidents. On top of that, there is a massive 43,000+ shortage of skilled equipment operators,” Siera.AI’s website said. “Worker shortages and growing productivity pressures from e-commerce are forcing industrial workers into unsafe and extremely stressful working conditions.”
The press release also said Siera.AI’s solutions helped companies avoid the financial burdens of mitigating workplace accidents.
“This technology not only enhances worker safety but also positively impacts a company’s bottom line, as preventing a single accident proves to be more cost-effective than managing the consequences of the incident,” the press release said.
According to Cameron, the fund continues to meet biweekly with their advisory board of UConn alumni who are professionals in the industry to review potential investments.
“We hope to have another investment soon,” Cameron said.
For additional information or to get in contact with Hillside Ventures, students can email hillsideventurecapital@gmail.com.