Swedish outfit Aifloo, which produces a smart wristband powered by artificial intelligence, has raised $6 million (€5.1 million) in new funding, according to TechCrunch. EQT Ventures led the Series A funding round.
Seniors are the target demographic for the wristband, as it’s designed to improve the quality of their lives and make things easier for caregivers. The product is equipped with sensors that monitor user behavior and let caregivers know of any potential issues, like slips and falls, dietary changes, or alterations in sleep patterns.
The Aifloo wristband farms out most of the device’s work to the cloud-based AI system, which has the added benefit of prolonging the wristband’s battery life.
Aifloo founder Felix Etzler told TechCrunch that the wristband’s design allows it to circumvent the more costly strategy of manual surveillance; it also boasts a design that is less expensive and more customizable than other technology-based offerings.
The broad scope of the device, as well as its focus on elder care, is also unique, he said, as many other wearables are focused on young people and monitor a narrow range of medical conditions.
Scandinavian healthcare company Aleris is an early customer of Aifloo, according to TechCrunch. The company said it will soon begin marketing the service to in-home care companies.