Living independently as an older individual carries dangers. One in 4 Americans aged 65 and older falls every year, in accordance to the National Council on Aging, and each 19 minutes an older grownup dies from a fall. Health illnesses like urinary tract infections (UTI) change into more and more widespread in previous age, too, accounting for about eight.1 million doctor visits every year. And it’s not simply bodily issues caregivers and older sufferers have to fret about — psychological diseases like melancholy have an effect on an estimated 7 million older adults yearly.
That’s why 30-year tech veteran and former IBM guide Satish Movva based CarePredict, a Fort Lauderdale, Florida-based health tech startup that goals to enhance seniors’ high quality of life with machine learning-driven wearables. CarePredict claims its platform can floor actionable insights that predict a UTI as much as three.7 days forward of scientific analysis and melancholy two weeks forward of analysis. The startup additionally claims it has managed to scale back falls by 25 % in senior communities.
Those stats have buyers impressed, it appears. CarePredict in the present day introduced that it has secured $9.5 million in Series A financing led by Secocha Ventures, Las Olas Ventures, and Startup Health Ventures. This brings its whole raised to $19.7 million, following a $four million seed fund spherical in December 2017 and a grant from the National Science Foundation.
A bit of CarePredict’s change — about $110,000 — was spent this yr on the acquisition of WiseWare, a startup that bought activity-tracking jewellery for older customers in shops like Saks Fifth Avenue, Macy’s, and Nordstrom. However, Movva says the contemporary capital might be used to focus squarely on CarePredict’s enlargement abroad and its imminent direct-to-consumer product launch.
“With over 600 million people worldwide over the age of 65 years and a rapidly diminishing caregiving population, technology like ours is efficiently bridging the gap and ensuring that our loved ones get the constant, quality care they need and deserve,” Movva stated in a press release. “Recognizing these challenges, our solution has been built to predict rather than detect through continuous observation and to do so with the least human effort.”
To that finish, CarePredict’s premiere product — Tempo — is a wrist-worn bracelet sporting a touch-button sensor and built-in microphone and speaker, together with sensors that detect what Movva calls actions of each day dwelling (ADL). With assistance from subtle AI algorithms, Tempo’s capable of sense ADLs resembling consuming, consuming, bathing, grooming, tooth-brushing, bathroom use, strolling, sitting, sleeping, and extra and to speak wirelessly with peel-and-stick beacons to pinpoint the rooms by which these actions are occurring.
The Tempo takes about seven days to study a wearer’s regular exercise patterns, and it serves up the information it repeatedly collects by real-time alerts, web-based dashboards, and self-serve stories. Urgent objects — like when a wearer enters a restricted space or spends an excessive amount of time within the toilet — are despatched instantly to care workers through the net, electronic mail, textual content, and CarePredict’s cellular app, whereas developments like rare consuming get highlighted on a each day health and wellness report.
CarePredict is at the moment out there within the U.S. and Canada for assisted, reminiscence care, unbiased dwelling, and residential care, with service anticipated to launch in Japan, Brazil, Mexico, Argentina, China, and Germany “soon.”
Close to 10 senior dwelling chains are already utilizing or plan to make use of the platform, Movva says. CarePredict lately signed a multiyear settlement with Spring Creek Enterprise to put in its Tempo system at a brand new assisted dwelling neighborhood in Anchorage, Alaska. It has additionally dedicated to collaborating with SRI Management on a brand new assisted dwelling middle in Ocala, Florida and introduced that Tradition Senior Living would use Tempo in two amenities that collectively present care to shut to 600 residents.
Also notable: In December, CarePredict was considered one of 5 corporations awarded the Consumer Technology Association (CTA) Foundation’s Accessibility Contest.
“By measuring the activities of daily living of assisted living and memory care residents, the staff and management team of senior living communities will be able to identify valuable health care insights and be more proactive in delivering superior care. [They will also be able to] raise resident satisfaction and drive revenues, along with increased average length of stays,” Movva stated.
A client model of Tempo will make its formal debut on the 2019 Consumer Electronics Show in January and change into out there within the coming months. Movva declined to disclose the price construction, however to potential buyers CarePredict as soon as floated a value of $169 per Tempo sensor with a month-to-month monitoring price of almost $30 monthly.