Voxel Labs sells $10M in new securities, separate from 2025's $47M offering

Why it matters

Voxel's near-full $11M offering shows continued investor demand for applied AI that sells measurable operational outcomes instead of general-purpose model access.

Troy Carlson's industrial computer-vision company, Voxel Labs, has sold $10,032,200 in a new securities offering, according to a Form D filed with the SEC on September 17th. The filing sets an $11 million target, leaving $967,800 unsold.

The filing records a first sale on September 14th and nine investors as of the filing date, according to the filing. Voxel CEO Vernon O'Donnell signed the notice, which lists him as an executive officer and director. Carlson, who remains a co-founder and director, is also named alongside directors Dave Adams, Aidan Madigan-Curtis, Brian McLoughlin and Chris Sultemeier.

The raise adds capital to a six-year-old applied AI business that began far from the current rush to put a chatbot into every workplace. Carlson wrote that Voxel started in his San Francisco garage in 2020, informed partly by his childhood in an 800-person town in West Michigan. His father spent more than 40 years at a manufacturing facility building conveyor systems for industrial mining.

Carlson recalled the metal shavings, welding burns and stories of close calls that followed his father home from work. Voxel's founding thesis grew around "building technology that ensures every worker goes home safe," he wrote.

Carlson brought software engineering experience from Google to the problem. Voxel's other founders supplied experience from autonomous vehicles, healthcare software and computer vision: TechCrunch identified Alex Senemar, Anurag Kanungo and Harishma Dayanidhi as co-founders alongside Carlson in 2023. Senemar and Kanungo previously built remote patient-monitoring startup Sherbit, while Kanungo and Dayanidhi had worked on self-driving systems.

O'Donnell now runs Voxel, and Carlson remains the founder represented on Voxel's current leadership page. Carlson remains a director in the new filing, while O'Donnell is listed as CEO and an executive officer.

A financing with few labels

The Form D gives the amount with unusual precision and little narrative. Voxel classified the securities as "options, warrants or other rights to acquire another security." Voxel did not mark the offering as equity or debt, and the filing does not identify what investors ultimately receive upon exercising those rights.

The offering is being conducted under Rule 506(b). The filing names no lead investor, gives no valuation and does not identify any of the nine participants. It also reports no commissions or finder's fees. The $11 million figure is the target offering size rather than the amount raised; the $10,032,200 sold represents roughly 91% of that target.

Voxel announced a $44 million Series B on June 3rd, 2025. NewRoad Capital Partners led that financing, with Eclipse Ventures, Rite-Hite, Tokio Marine, MTech, HG Ventures and Whitestone participating. Voxel said at the time that the round brought its total funding to $61 million.

A separate SEC Form D/A filed on September 30th, 2025 reported a $46,999,999 equity offering, with the full amount sold and no remaining balance. The filing did not explain how that offering related to Voxel's announced financing.

An Ericsson Ventures strategic investment followed on October 29th, 2025. Voxel did not disclose the investment's size, but the announcement said total funding had reached $64 million. Voxel's current About page still displays the earlier $61 million figure.

Giving old cameras a second job

Voxel's product turns cameras already installed in warehouses, factories, distribution centers and ports into sensors for workplace risk. Its models look for events such as forklift and pedestrian near-misses, missing protective equipment, blocked exits, spills and unsafe lifting patterns.

The existing-camera approach reduces the hardware burden for a customer with dozens or hundreds of facilities. Voxel says it can deploy at a site within 48 hours, then route detected risks into assignments, coaching and executive reporting. Voxel's company page claims more than 250 deployed sites and a team of about 90 people.

That product has also moved beyond detecting isolated events. On April 13th, Voxel launched Risk Insights, a feature that packages video evidence into daily summaries for supervisors, with suggested actions tied to patterns such as repeated unsafe bending. Voxel released Risk Insights in beta for existing customers.

The progression explains the larger commercial bet behind Voxel. Event detection can flag a worker without a vest. A broader industrial intelligence product has to show where incidents cluster, explain the conditions creating them and help a manager change the facility or workflow. That is a harder product to build, and a more valuable one if Voxel can establish itself inside daily operations rather than remaining another alert feed.

Voxel supports its pitch with customer case studies, though the results are self-reported. Voxel says Piston Automotive reduced vehicle safety incidents by 86%, the Port of Virginia cut truck speeding by 50%, and MSI reduced workers' compensation costs by 73%. Its Series B announcement also claimed 147% year-over-year revenue growth and 202% net revenue retention, without disclosing revenue or annual recurring revenue.

The filing follows Voxel's Risk Insights launch and international expansion. It supplies no stated use of proceeds, so the precise plan for the capital remains outside the public record. The near-full subscription suggests Voxel had investors ready when the offering opened, even as their identities and the economics of the deal remain private.

For Carlson, the financing extends a company built around a problem he encountered long before becoming an engineer. Voxel has spent six years turning that history into software for industrial sites. Nine investors have now put another $10 million behind the effort, through securities that the public filing describes only one layer at a time.