CarePredict Secures $9.5M Series A Funding to Advance AI-Powered Wearable Platform for Senior Health Monitoring

Recently, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on January 3, 2019, U.S. local time, healthcare company CarePredict announced it had secured $9.5 million in Series A financing, led by Secocha Ventures, Las Olas Ventures, and Startup Health Ventures.

It is reported that this marks another significant financing event for CarePredict, following its $4 million seed round and National Science Foundation grant in December 2017. To date, CarePredict’s total fundraising has reached $19.7 million.

CarePredict is a healthcare startup based in Florida, founded in 2013 with the aim of improving the quality of life for older adults through machine learning-driven wearable devices. The company’s vision is to enhance the quality of life for aging loved ones, such as grandparents and parents.

According to statistics from the U.S. Administration on Aging, one in four Americans aged 65 and older falls each year, and an older adult dies from a fall every 19 minutes. Health conditions such as urinary tract infections (UTIs) are also becoming increasingly common in old age, accounting for approximately 8.1 million physician visits annually. Caregivers and elderly patients need to worry about more than just physical issues; it is estimated that 7 million older adults suffer from mental health disorders such as depression each year.

To address these issues, CarePredict has developed an AI-powered monitoring platform for the elderly. CarePredict states that its platform provides actionable insights, capable of predicting urinary tract infections 3.7 days before clinical diagnosis and identifying depression two weeks prior to diagnosis. Meanwhile, the company claims it has successfully reduced the population decline in senior living communities by 25%.

“The global population aged 65 and over exceeds 600 million, while the caregiving workforce is shrinking significantly. Technologies like ours effectively bridge this gap, ensuring that our loved ones receive the continuous, high-quality care they need and deserve,” said Movva, founder of CarePredict. “Our solution is built on prediction rather than constant observation, and it operates with minimal human intervention.”

To this end, CarePredict launched its first product, Tempo, a wrist-worn band equipped with touch-button sensors, built-in microphone and speaker, and sensors for detecting activities of daily living (ADLs). Leveraging advanced artificial intelligence algorithms, Tempo can recognize ADLs such as eating, drinking, bathing, grooming, brushing teeth, using the toilet, walking, sitting, and sleeping. It also enables precise localization of where these activities occur through wireless communication via peel-and-stick beacons.

CarePredict’s Tempo hardware monitoring solution and its companion app. Image source: CarePredict official website

Movva stated that nearly 10 senior living chains have adopted or plan to adopt the platform. CarePredict recently signed a long-term agreement with Spring Creek Enterprise, a social marketing practices firm, to install the Tempo system in a new assisted living community in Anchorage, Alaska. It also committed to collaborating with SRI International, a nonprofit research institute and organization, to establish a new assisted living center in Ocala, Florida, and announced that Traditional Senior Living would deploy Tempo in two facilities, collectively providing care for nearly 600 residents.

It is worth mentioning that last December, CarePredict was one of the five award-winning companies in the Accessibility Challenge hosted by the Consumer Technology Association (CTA) Foundation.

“By measuring the daily activities of residents in assisted living and memory care, staff and management teams at senior living communities will be able to derive valuable clinical insights and deliver high-quality care more proactively. They will also enhance resident satisfaction, drive revenue growth, and increase resident retention within the community,” said Movva.

CarePredict currently provides assisted living, memory care, independent living, and home care services in the United States and Canada, and is expected to launch soon in Japan, Brazil, Mexico, Argentina, China, and Germany.

The Consumer Technology Association (CTA) is a standards and trade organization representing more than 2,200 consumer technology companies in the United States. The CTA is dedicated to influencing public policy, hosting events such as CES and CES Asia, conducting market research, and assisting its members and regulatory authorities in implementing technical standards.