December 7, 2022

Nutra Health

The Ideal Health

AI-enabled patient monitoring platform care.ai scores $27M in funding

AI-enabled care facility automation platform care.ai announced it raised $27 million in funding led by multi-asset investment firm Crescent Cove Advisors. 

WHAT IT DOES

The Florida-based company’s Smart Care Facility Platform includes a network of sensors spread through a care facility that monitors patients using AI, which allows a facility to collect real-time behavior data for clinical and operational insights.

The funds will help the company help grow the company and deliver “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,” Chakri Toleti, CEO and founder of care.ai, said in a statement.

“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.”

MARKET SNAPSHOT

care.ai’s CEO and founder Chakri Toleti also cofounded and previously held the position of president at HealthGrid, a patient communication app that connects patients and providers via smartphone. EHR vendor Allscripts purchased HealthGrid in 2018.

Before HealthGrid, Toleti founded Galvanon, a self-service kiosk for hospital patient registration, which was acquired by enterprise software provider NCR in 2015. 

care.ai joins other companies in exploring AI-enabled monitoring for healthcare purposes, especially regarding monitoring for fall risk. 

Last year, Amazon announced its partnership with Vayyar and Assistive Technology Service for fall detection on its Alexa Together subscription that allows caregivers to remotely monitor and assist family members in their homes. 

Last month, security company ADT’s healthcare division, ADT Health, said it was reimagining its traditional sensors and systems deployed within the home to assist in elderly care and potentially draw inferences to predict incidents.

In early November, Kami Vision, a vision-based AI file-management solution that detects and responds to falls, released its in-home camera system for the senior community for fall detection.