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care.ai Secures $27M from Crescent Cove Advisors to Introduce Ambient Intelligence to Healthcare

ORLANDO, Fla., November 21, 2022-- care.ai, the first and only AI-powered ambient monitoring platform in healthcare, today announced a $27M funding from Crescent Cove Advisors, a multi-asset investment firm focused on technology investments, to accelerate growth and scale deployments of the industry's first smart care facility platform throughout the U.S.

care.ai’s Smart Care Facility Platform™ transforms healthcare settings, such as hospitals and nursing homes, into responsive care facilities that continuously monitor and streamline clinical and operational workflows. Powered by AI-enabled edge sensors, the platform surfaces real-time inferences and insights to alert and report on activities that help healthcare organizations improve quality, safety, and compliance while optimizing the clinical workforce. Innovative capabilities like Virtual Nursing, Virtual Sitting, and Ambient Monitoring can be easily enabled through care.ai’s Command Center, unlocking a wide array of use cases that improve patient outcomes and power more human care.

The company has already deployed its technology to over 1,500 facilities across the U.S., including hospitals, skilled nursing facilities, and assisted living facilities. care.ai plans to use the funding from Crescent Cove Advisors to build on the ongoing success and lead the market in delivering ambient intelligence to healthcare.

“The physical, emotional, and economic burden on our caregivers has never been more challenging. Processes remain manual and time-consuming, and care teams are bogged down with burdensome tasks and documentation – and unfortunately, clinicians and patients suffer the consequences,” said CEO and Founder of care.ai, Chakri Toleti. “Our mission is to enable the transformational promise of a smart care facility, providing a level of care the world has never seen. We’ve spent the last few years expanding our platform while partnering with the nation's leading health systems and long-term care organizations. I’m thrilled to have the support of Crescent Cove as we continue to scale and execute.”

care.ai’s technology is transforming care settings to help address some of the country’s most pressing healthcare challenges, including the critical nursing shortage and fiscally unsustainable models of care. Reports project that approximately 1.2 million new registered nurses (RNs) will be needed by 2030 to address the current shortage, adding pressure to an already strained system. Additionally, hospital safety and security protocols have evolved drastically without a centralized system to facilitate those changes. care.ai’s platform alleviates these pain points by saving nurses valuable time and easing the burden on care teams, while creating one technology solution that hospitals can rely on to keep patients and care teams safe and effective.

Toleti is a successful entrepreneur and innovator in the healthcare IT industry. Before founding care.ai, Toleti was the President and Co-founder of HealthGrid, an enterprise patient engagement platform designed to connect patients and providers via their smart devices. In 2018, HealthGrid was acquired by Allscripts. Before that, he co-founded Galvanon, the company that first introduced patient self-service kiosk registration to automate patient check-in and intake processes at hospitals. Galvanon was acquired by NCR in 2005.

“We are excited to partner with Chakri and his talented team, who have a proven record of innovating and building successful businesses in healthcare IT,” said Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove Advisors. “Through AI and smart technology, care.ai improves the lives of both care teams and their patients. We look forward to supporting the company in its critical mission of transforming the way healthcare is delivered.”

About care.ai:

care.ai’s transformative innovation enables AI-powered smart care facilities to ambiently monitor clinical and operational workflows and learn from them in real-time to predict, prevent, and protect, optimizing the patient and provider experience and ultimately powering more human care. Deployed in over 1,500 healthcare facilities, care.ai partners with health systems and long-term care facilities to fulfill the company’s mission to deliver on the transformational promise of a smart care facility, providing a level of care the world has never seen. To learn more, visit care.ai.

About Crescent Cove Advisors:

Crescent Cove is a multi-asset investment firm focused on technology investments and dedicated to supporting entrepreneurs and founders. Established in 2016, Crescent Cove leverages its global network of relationships and unique insight across markets, emerging industries and technologies to build businesses and accelerate value creation across its portfolios. For more information, visit www.crescentcove.com.

Contact:
Media Contacts:
For care.ai
LaunchSquad
careai@launchsquad.com

For Crescent Cove
Doug Donsky, ICR
Doug.Donsky@icrinc.com
(646) 677-1844