AI-powered senior-focused digital health company CarePredict announced it scored $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 IT DOES
CarePredict offers an AI-enabled platform for senior care, combining wearable technology, indoor location tracking, deep machine learning and predictive analytics.
Its Tempo wearable includes sensors that can detect an individual’s activities of daily living, including bathing, drinking, eating, toileting, walking and sleeping. It also includes a touch-button call system to communicate with caregivers. It also provides an individual’s exact indoor location. The Tempo can also act as a key to unlock doors by touching the wearable when it’s paired with a door lock.
The funds will be used to accelerate the company’s growth.
“CarePredict has demonstrated excellent traction in senior housing and is well positioned to expand into the aging in place segment with a proven record of prediction and early intervention to not only preserve the health of older adults but to meaningfully affect healthcare costs positively,” Greg Madden, managing partner at SV Health Investors, said in a statement.
MARKET SNAPSHOT
In 2019, the Florida-based company garnered $9.5 million in Series A funding.
At the height of the pandemic in 2020, the company rolled out a new set of contact-tracing tools, dubbed PinPoint, designed for senior living facilities.
The tools were broken up into four types of tracing: contact tracing, location tracing, path tracing and room traffic. The company said it used indoor location tech to identify where a staff member or patient was in the facility and who they came into contact with.
As of 2020, one in six people in the U.S. were 65 or older. As the baby boomer population gets older, experts project its long-term healthcare needs will increase.
Other companies focused on senior care include digital health platform DUOS, which scored $10 million in funding last month, bringing its total raise to over $33 million. 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 financing.