Finnish IoT start-up raises $1.5m to help elderly
August 17, 2017
Digital healthcare firm Health Invest Finland has closed a $1.5m round of funding led by Finnish funds Kuus Invest, Viavan and European business angel investors.
Health Invest has recently begun the initial global installations of its My+Care cloud-based health and wellbeing service, which will initially be positioned for the elder care market. It is already operating in Europe and Asia, and is expanding in the US market this year. The company has 2018 expansion plans for China.
Health Invest is targeting a global market for IoT healthcare technology and devices that is predicted to increase to $162.9bn by 2020.
The initial My+Care living labs have installed a system that connects all patient data, including movements and vital signs, through a network that involves caregivers, family members and related partners. My+Care employs patented artificial intelligence, machine learning and the IoT to enable greater intelligence in decision-making and action.
Health Invest will use big data to deliver real-time care; with My+Care Smart Data, for example, many critical injuries and incidents can be prevented, and healthcare resources are more efficiently allocated.
Based on patented innovations from Mostafa Hanifi, the chief technology officer of Health Invest, My+Care is a networked system that receives patient data from proprietary wristbands and smart wireless beacons that are networked to caregivers through a mobile app that details personalised reports to a network that can include hospitals, relatives, companies, doctors and clinics, and others.
Using the cloud, facilities can manage networked communications in real-time. The service is designed with machine learning algorithms that can deliver predictive care, based on personalised data. AI algorithms learn over time, creating smarter decisions and detecting patient abnormalities.
“The sign of a civilized society is how well it treats its weak and elderly citizens,” said Kalle Soderholm, CEO of Health Invest. “We live in a world that cannot accommodate an aging population without adapting healthcare to readily available technology. The value of elder care, globally, needs to rise to meet a rapidly growing set of demands for more effective real-time care. The development of our My+Care service is specifically aimed at treating the needs of all stakeholders in the elder care market with an intelligent set of tools that can learn and adapt dynamically to the needs of patients and health organisations.
According to the United Nations Department of Economic & Social Affairs, the number of persons aged 65 years or over is expected to more than double from 841 million in 2013 to more than two billion in 2050. More than $30bn is spent annually in the USA on healthcare related to falls, which is the leading cause of death due to injury among the elderly.
The My+Care service is comprised of several key patented technologies and innovations from Health Invest, including a smart wristband that is dust and water resistant and integrates a pedometer, accelerometer and body temperature sensor. Indoor and outdoor connectivity and location sensing uses GSM, GPRS and Bluetooth Low Energy (BLE) beacons.
The technology integrates long-life battery, lasting one week outdoor and one month indoor, and dashboard, which provides a planning and workflow tool so that a patient’s locations and safety parameters are established, including alert notifications when patients exit a safe zone. The BLE beacon, which covers 50 to 75 square metres of indoor are, and 500 to 700 metres of outdoor area, extends the battery life of the wristband due to more efficient energy data transport
The technology enables health care providers to transfer information from third-party devices securely through an ecosystem that can be controlled by the healthcare facility. With higher complexities in healthcare systems globally, it provides an end-to-end ecosystem that has a reasonable cost associated with personalised care.
My+Care enables diverse, flexible IoT interaction of all Bluetooth devices within third-party IT environments. With machine learning, it can learn from each specific user; the longer the wristbands are used, the more accurately they detect irregularities in human behaviour or subtle changes that could indicate an underlying medical issue.
Founded in 2014, Health Invest is based in Helsinki, Finland, and operates in Europe and Asia, and has expansion plans for North America and China.