AI-powered senior-focused digital healthcare company CarePredict announced it has raised $29 million in a 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 as well as individual investors participated in the round.
WHAT THEY DO
CarePredict provides an AI-powered senior care platform that combines wearable technology, indoor location tracking, deep machine learning, and predictive analytics.
Its Tempo wearable has sensors that can detect a person’s activities in daily living, including bathing, drinking, eating, going to the toilet, walking, sleeping, and more. It also features a touch-button paging system to communicate with caregivers and provide a person’s exact location indoors. The Tempo can also act as a key to unlock doors by touching the wearable to a paired door lock.
The funds will be used to accelerate the company’s growth.
“CarePredict has had a tremendous impact in the senior living space and, with a proven track record of prediction and early intervention, is well positioned to expand into the on-site aged care segment to not only preserve the health of older adults, but also significantly reduce healthcare costs impact positively,” Greg Madden, managing partner at SV Health Investors, said in a statement.
MARKET SNAPSHOT
In 2019, the Florida-based company received awards $9.5 million in Series A funding.
At the height of the pandemic in 2020 The company introduced a new line of contact tracing tools called PinPoint designed for senior living facilities.
The tools have been divided into four types of tracing: contact tracing, location tracing, path tracing, and space traffic. The company said it used indoor tracking technology to determine 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 US were 65 or older, and as the baby boomer population ages, expert project The long-term health needs of this population will increase.
Other companies focused on elderly care include digital health platform DUOS raised $10 million in funding last month, raising over $33 million in total. Boston-based Author Health, a hybrid care platform for Medicare Advantage members with serious mental illness and substance use disorders, launched last month with $115 million in funding.
