Senior connected care device receives VC investment
March 28, 2017
Florida-based Las Olas Venture Capital is investing in CarePredict, a connected health care company developing a service platform that combines machine learning and predictive analytics with a wearable device to predict health declines based on changes in behaviour and activity patterns.
"CarePredict solves critical problems related to improving quality and managing ballooning costs associated with senior care," said Dean Hatton, one of Los Olas VC's founding partners. "In 2050, the population aged 65 and older is projected to be over 83 million, almost double its population of 43 million in 2012. The senior care market is enormous and technologically underserved. We are thrilled to be backing Satish Movva, CarePredict founder and CEO, in this important endeavour."
Called Tempo, the proprietary wearable device learns each individual’s normal activities of daily living and alerts care staff about any significant variation in those personal patterns – such as not waking at the typical time, eating less than usual, abnormal repetition of activities or restless sleep – that may need proactive attention.
Following several successful pilots, the CarePredict team has signed and begun implementations of the system with its first multi-site, multi-state senior living customer.
"I founded CarePredict based on the personal need to identify and intervene before minor health issues with my aging parents quickly escalated into serious, costly hospitalisations," said Movva. "From the beginning the LOVC team has believed in our mission of increasing the quality of life for seniors and providing peace of mind to their loved ones. Our company is humbled by the support they have provided us as we continue to grow, and look forward to transforming the senior health care management industry together."
Las Olas VC is a Florida-based early stage venture capital manager that invests in start-ups in a variety of industries.
CarePredict believes insight into changes in the daily activity patterns of seniors is key to improving the quality of life for seniors, providing peace of mind to loved ones and increasing productivity of caregivers. Founded in 2013 and headquartered in Fort Lauderdale, the technology company is pioneering proactive health risk detection of seniors.
Tempo provides predictive insights for early detection and intervention of health conditions before it's too late. The technology is used in assisted living, memory care, home care and independent living communities throughout the USA.