AI-enabled senior care firm CarePredict scores $29M



AI-powered senior-focused digital well being firm CarePredict introduced it scored $29 million in Sequence A-3 funding co-led by Aspire Healthtech Companions and SV Well being Buyers’ Medtech Convergence Fund.

Current buyers Las Olas Enterprise Capital and Secocha Ventures participated within the spherical, as did particular person buyers.  

WHAT THEY DO

CarePredict provides an AI-enabled platform for senior care, combining wearable know-how, indoor location monitoring, deep machine studying and predictive analytics. 

Its Tempo wearable consists of sensors that may detect a person’s actions of each day residing, together with bathing, ingesting, consuming, toileting, strolling, sleeping and extra. It additionally features a touch-button name system to speak with caregivers and supplies a person’s precise indoor location. The Tempo can even act as a key to unlock doorways by touching the wearable to a paired door lock. 

The funds shall be used to speed up the corporate’s development. 

“CarePredict has demonstrated wonderful traction in senior housing and is properly positioned to increase into the ageing in place phase with a confirmed report of prediction and early intervention to not solely protect the well being of older adults however to meaningfully have an effect on healthcare prices positively,” Greg Madden, managing companion at SV Well being Buyers, mentioned in an announcement. 

MARKET SNAPSHOT

In 2019, the Florida-based firm garnered $9.5 million in Series A funding.  

On the peak of the pandemic in 2020, the company rolled out a brand new set of contact-tracing instruments designed for senior residing amenities dubbed PinPoint. 

The instruments had been damaged up into 4 varieties of tracing: contact tracing, location tracing, path tracing and room site visitors. The corporate mentioned it used indoor location tech to determine the place a workers member or affected person was within the facility and who they got here into contact with. 

As of 2020, one in six people within the U.S. had been 65 or older, and because the child boomer inhabitants will get older, experts project the long-term healthcare wants of this inhabitants will enhance. 

Different corporations targeted on senior care embody digital well being platform DUOS, which scored $10 million in funding final month, bringing its complete elevate to over $33 million. Boston-based Author Health, a hybrid care platform for Medicare Benefit members with critical psychological sickness and substance use problems, launched final month with $115 million in financing

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