CarePredict Receives Series A-3 Funding to Accelerate Growth in Senior Care
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FORT LAUDERDALE, Fla., July 12, 2023-- CarePredict today announced a $29M Series A-3 investment co-led by SV Health Investors' Medtech Convergence Fund and Aspire Healthtech Partners. CarePredict's innovative technology autonomously identifies changes in daily activity and behaviors that precede health issues such as urinary tract infections, falls, malnutrition and depression. The ability to detect the early signs of health concerns allows preventive care and preserves the overall wellbeing of older adults. Peer-reviewed and published studies have shown that CarePredict reduces hospitalizations by 39%, falls by 69% and increases the length of stay in a lower care setting by 67%.
The investment was co-led by SV Health Investors' Medtech Convergence Fund and Aspire Healthtech Partners. Existing institutional investors Secocha Ventures and Las Olas Venture Capital participated, along with family offices and individual investors.
Greg Madden, Managing Partner, SV Health Investors said, "CarePredict has demonstrated excellent traction in senior housing and is well positioned to expand into the aging in place segment with a proven record of prediction and early intervention to not only preserve the health of older adults but to meaningfully affect healthcare costs positively."
Philip Gisi, CEO of Edgewood Healthcare and Managing Director of Aspire Healthtech Partners, said, "I have done an exhaustive search of the wearable technologies that can provide meaningful resident movement and physiological data in our vertically-integrated, owned, and managed senior housing portfolio. CarePredict's unique approach to data accumulation and analysis allows us to realize our goal of virtual integration and predictive interventions. Along with this investment, we have started installing CarePredict in our communities."
Satish Movva, CEO & Founder, CarePredict, said, "I am very pleased that SV Health Investors and Aspire Healthtech Partners have joined us in our vision to reimagine care for older adults and I look forward to accelerating our impact across all care settings and payer models in senior care."
CarePredict is a leading technology company specializing in senior care solutions. By combining artificial intelligence, predictive analytics, and wearable devices, CarePredict empowers caregivers with real-time insights, enabling proactive care delivery and enhanced quality of life for seniors. With a focus on safety, well-being, and independence, CarePredict is redefining how we care for our aging population. CarePredict is utilized throughout the United States in senior housing as well as by home care agencies to service their clients aging in place at home. CarePredict is poised to expand nationwide into serving Medicare Advantage and value-based care building on initial success in two regional markets.
600 North Pine Island Road, Suite 370
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