SafelyYou, maker of AI-enabled technology for fall detection and prevention, scooped up $30 million in Series B funding led by Omega Healthcare Investors months after the close of its $19.5 Series A round.
Additional SafelyYou investors include SCAN Group, Eclipse Ventures, Foundation Capital, Founders Fund and Data Collective Venture Capital.
Omega Healthcare Investors, a real estate investment trust that focuses on long term and senior care, also prepaid $10 million to install SafelyYou’s system across its facilities.
The company said the latest round brings its total raise to around $70 million.
WHAT THEY DO
SafelyYou’s technology includes a camera installed in a patient’s room that detects falls and alerts caregivers, as well as AI-enabled pattern recognition to note the signs of a fall and prevent them in the future.
The company said its system can also help caregivers with medication adherence, behavioral monitoring, managing false alarms, memory care and occupational therapy issues.
“My mission was to create a company that my Mom will need,” George Netscher, founder and CEO of SafelyYou, said in a statement. “My mother lost her mother to Alzheimer’s, and now my aunt has it. This is personal. Every fall that can be prevented means another son, daughter, sibling, friend or relative won’t experience the suffering I witnessed. Seeing our technology being rapidly adopted by care centers across the country means we are helping prevent head injuries, hip fractures, and the associated stress, grief, and cost to caregivers and affected families.”
According to the CDC, fall death rates increased 30% for older adults between 2007 and 2016. Medical costs for falls were more than $50 billion in 2015, with Medicare and Medicaid taking on most of the cost burden.
Other companies with fall detection and prevention products include Australian wearable developer Spacetalk, Berlin-based Lindera and Vayyar.
Best Buy’s Lively brand includes fall detection, and in March the services were made available on the Apple Watch, which added its own fall detection capabilities with the Series 4 in 2018. The retail giant has been expanding its reach in the senior care and remote monitoring spaces; it most recently signed an agreement to acquire Current Health in October.
Amazon has also been diving deeper into senior and home care. In September, it announced its Alexa Together subscription service that would allow caregivers to check in on and remotely assist aging family members. The service includes 24/7 urgent response, and it’s compatible with third-party fall detection devices.