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Senior-focused, AI-powered digital health company CarePredict announced that it has secured $29 million in Series A-3 investment co-led by Aspire Healthtech Partners and SV Health Investors’ Medtech Convergence Fund.
Existing investors Las Olas Venture Capital and Secocha Ventures participated in the round, as did individual investors.
WHAT THEYRE DOING
CarePredict offers an AI-enabled platform for elderly care, combining wearable technology, indoor location tracking, deep machine learning and predictive analytics.
Its Tempo wearable includes sensors that can detect an individual’s daily living activities, including bathing, drinking, eating, going to the bathroom, walking, sleeping and more. It also includes a touch button call system to communicate with caregivers and provides an individual’s exact indoor location. Tempo can also be used as a key to unlock doors by touching the laptop to a paired door lock.
The funds will be used to accelerate the growth of the company.
“CarePredict has demonstrated excellent traction in senior living facilities and is well positioned to grow in the aging-in-place segment with a proven track record of prediction and early intervention to not only preserve seniors’ health, but also to significantly affect health care costs in a positive way,” Greg Madden, managing partner at SV Health Investors, said in a statement.
MARKET OVERVIEW
In 2019, the Florida-based company raised $9.5 million in Series A funding.
At the height of the pandemic in 2020, the company has deployed a new set of contact tracing tools designed for seniors’ residences called PinPoint.
The tools have been divided into four types of tracing: contact tracing, location tracing, path tracing and room traffic. The company said it used indoor location technology to identify where a staff member or patient was in the facility and who they came into contact with.
From 2020, one in six people in the United States were 65 or older, and as the baby boomer population ages, expert project the long-term health care needs of this population will increase.
Other companies focused on elderly care include the digital health platform DUETSWhich side scored $10 million in funding last month, bringing its total raise to more than $33 million. Based in Boston Author’s healtha hybrid care platform for Medicare Advantage members with severe mental health conditions and addictions, launched last month with $115 million in funding.
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