AI-powered Healthcare Startup SafelyYou has closed a $19.5 million Series A funding round to revolutionize dementia care.
Eclipse Ventures led the round, which also had participation from Founders Fund, Swift Ventures, Pacific Health Ventures, Anorak Ventures, and 7Percent Ventures, TSQ Advisors, Pathbreaker Ventures, and The House Fund. Existing investors DCVC and Foundation Capital also participated in this round. Justin Butler, Partner at Eclipse Ventures, said about the firm’s participation:
“Alzheimer’s and dementia affect millions of patients and their families around the world, a number that is rapidly increasing as our society ages. SafelyYou is building a critical part of the ecosystem required to care for those afflicted by these devastating diseases.”
Launched in 2015, SafelyYou harvests the latest advancements in artificial intelligence technology to improve the detection and prevention of dementia, improving the quality of life of those suffering from it. The startup seeks to use a combination of artificial intelligence technology and human expertise to empower care staff to implement essential fall prevention.
Using AI-supported cameras in consenting residents’ rooms to detect falls with unprecedented accuracy, the solution developed by SafelyYou allows care staff to be immediately notified if a dementia patient needs assistance. According to the research results published in the American Journal of Managed Care, SafelyYou’s AI technology has reduced falls by 40% and ER visits resulting from falls by 80%.
To date, the AI-powered healthcare startup is the first-ever fall prevention program that has been invested in by a liability insurance carrier, which is the result of its offering of safer environments across the U.S for healthcare organizations by providing a platform developed by an expert team who are studying from over 20,000 witnessed falls.
SafelyYou plans to use proceeds from the latest funding to fuel the growth of its assisted living and skilled nursing operations in North America. This will allow the AI-powered healthcare startup to maintain its growth rate, having seen its revenue and workforce more than double during the first half of this year.