UK health tech startup Cera confirmed it has reached $120 million (£89.5m) revenues (run-rate) since its launch in 2016.
The firm which specialises in digitally enabled care services for the elderly, also announced it will create 5,000 new jobs nationwide as it seeks to double its headcount.
Cera uses digital and data analytics technologies to monitor its users’ health, enabling their families and medical professionals to track their wellbeing in real-time.
Earlier this year, the startup launched its SmartCare technology in the UK after securing a $70 million (£52m) financing boost. The platform utilises machine learning and data analytics to predict the onset of health deteriorations in patients.
Since its founding, Cera has raised more than $100 million (£74.5m) in debt and equity funding to support its rapid expansion.
Having recently launched its services in Scotland, it aims to accelerate its current growth rate and is forecasting sales to more than double by 2022.
WHY IT MATTERS
The firm’s growth comes at a time of unprecedented pressure on the social care sector in the UK. Those over the age of 65 years have been disproportionately impacted by COVID-19, particularly those requiring care.
Cera delivers around 25,000 care visits per day and has provided more than 2.5 million in-home visits throughout the pandemic. It has also established more than 100 partnerships with local government and the NHS to deliver digital-first care.
The firm was also selected as the UK Government Department for Health and Social Care’s recruitment technology partner.
THE LARGER CONTEXT
According to the European Commission’s 2018 Ageing Report, the total cost of ageing in the European Union (EU) is expected to rise to 27% of GDP by 2070 – with long-term care and health care costs the biggest contributors to this increase.
The European Institute of Innovation and Technology (EIT) Health recently shared six health tech solutions for healthy ageing.
ON THE RECORD
Dr Ben Maruthappu MBE, CEO of Cera Care, said: “We couldn’t be prouder of our achievements to date, and how far we’ve come in such a short space of time. Regardless of the challenges we’ve faced, our vision for the business and our technology has always remained the same; to transform care for the better, to the benefit of all.
“The past year has shone a spotlight on historic problems in the sector and reaffirmed just how important care is for society as a whole. Whilst the pandemic has presented us with immense challenges, it has also offered us the chance to accelerate transformation of the sector. Through our technology and continued expansion across the UK, we’ve been able to care for older and vulnerable people, support NHS services and boost the economy by employing thousands of new carers.”