CarePredict, a Fort Lauderdale, Florida-based company that makes a wearable for at-risk seniors, has raised a new funding round led by Las Olas Venture Capital, a fund that invests in innovative tech startups and previously invested in telemedicine company MDLive. The amount of the investment was undisclosed.
"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 hospitalizations," Satish Movva, founder and CEO of CarePredict, said in a statement. "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 the transforming the senior health care management industry together."
CarePredict has developed a wristworn device, called Tempo, that tracks a senior's behavior and sends this data wirelessly to an app. Tempo monitors motion, sitting, lying down, and the senior's location, which is tracked using sensors set up around their environment. It will also monitor certain activities including cooking, eating, and sleeping. Right now the platform is used at assisted living, memory care, and independent living communities
After the first week, CarePredict will start noticing if there are changes to the user's normal routine, such as spending more time in bed, using the bathroom more, or walking less. When CarePredict identifies a change in a senior's routine, loved ones are notified through email, text, or the companion app, so that they can reach out to the senior if the change in routine needs to be addressed.
The company was founded in 2013 and raised a total of about $5 million across three funding rounds in 2015 and 2016, according to various SEC filings. It was also a member of StartUp Health's spring 2014 class.
According to a statement from the company, CarePredict recently launched its first implementation with a multi-site, multi-state senior living customer, after a number of pilots. They plan to use the funding to expand adoption.