Yesterday morning K4Connect, a digital health company focused on tech for seniors and people with disabilities, announced $12 million in Series B funding. This latest funding was led by AXA Venture Partner.
Right now the company’s main product is its K4Community Works platform, which streamlines smart home and wellness technologies into a single ecosystem. That platform has various end users, including senior living operators who can use it to streamline operations and analytics, seniors who use the technologies and family members who can use it to follow their loved ones.
The company plans to use the new money in a number of ways, including further developing the K4Community platform and Fusion platform/OS technologies, as well as expanding its customer base.
This latest funding announcement brings the company’s total financing to $22 million.
Why it matters
Like much of the world the US population is aging. The US Census Bureau reported that the average age in America increased by 2.4 years from 2000 to 2016. As the baby boomer generation ages, the healthcare industry is anticipating a major strain.
Other countries around the world are already dealing with this aging population. Currently Japan has the oldest population in the world with 26.7 percent of its population aged 65 or over, according to the World Population Review.
Many are turning to technology to ease this strain and help seniors stay in the home for longer. K4Connect's platform aims to help coordinate such technologies.
What's the trend
K4Connect reports that it’s growing, last year tripling its revenues and expanding its team by 40 percent.
The aging care market is hot right now—specifically smart home and remote care technologies. In December a report from HealthXL and AARP noted that increasing adoption of technology, the rise of remote care and a growing number of smart living services available to the mass market are among the several ongoing trends transforming aging car.
On the record
“We’re honored to have an organization such as AXA Venture Partners lead our latest round of funding. We have been extremely fortunate to have a set of investor advocates who not only wholly support our mission, but also bring significant strategic value,” F. Scott Moody, chief member advocate, cofounder and CEO of K4Connect, said in a statement. “Very few companies understand the health and insurance markets, both nationally and globally, as well as AXA. Their support will allow us to not only grow in the United States, but expand internationally as well. We look forward to working with them to expand the market for our first product, K4Community, as well as other planned products.”