SafelyYou, the leader in AI-enabled fall management technology for seniors and individuals with Alzheimer’s disease, related dementia or cognitive impairment issues, announced the close of a $30 million Series B financing round led by Omega Healthcare Investors, a real estate investment trust that invests in the long-term healthcare industry. As part of its investment, Omega also prepaid $10 million to fund installations of SafelyYou across their 944 facilities.
Also participating in the financing is SCAN Group, a mission-driven organization dedicated to keeping seniors healthy and independent. SCAN is supporting SafelyYou’s growth in order to expand the availability of its fall management technology to a wider range of older adults. SCAN Group is the parent organization of SCAN Health Plan, one of the nation’s largest not-for-profit Medicare Advantage plans.
The two new strategic investors join existing investors Eclipse Ventures, Foundation Capital, Founders Fund, and DCVC, and the new round raised SafelyYou’s venture funding total to approximately $70 million.
Following the company’s Series A raise earlier this year, the investor interest in doubling down on AI-enabled fall management – the detection and prevention of falls – speaks to the company’s fast growth to date, and a growing need for technology to address patients with cognitive issues and aging Baby Boomers suffering from dementia. An estimated 1 in 3 seniors in America die with the condition.
SafelyYou combines technology and professional caregiver intervention to not only detect a potentially injurious fall, but prevent future falls through AI-augmented pattern recognition and analysis. Only SafelyYou reviews over 1,500 videos of on-the-ground events per month, thereby harnessing data insights to provide personalized care plans for each individual.
“My mission was to create a company that my Mom will need,” said George Netscher, founder and CEO, SafelyYou. “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.”
“We were immediately attracted to the mission of SafelyYou, which is not only an innovator and industry leader, but also supports our focus on improving senior care facilities for both staff and residents,” said Vikas Gupta, Senior Vice President, Acquisitions and Developments at Omega Healthcare Investors. “SafelyYou reflects our passion for improving the lives of seniors, especially those who are most vulnerable – our residents suffering from various forms of cognitive impairment including Alzheimer’s and dementia.”
The funding announcement coincides with the release of a case study validating the benefit of deploying SafelyYou in 25 of Belmont Village Senior Living’s memory care neighborhoods, which are designed as safe environments for residents with Alzheimer’s disease and other dementias. In Belmont Village, SafelyYou identified residents with a high likelihood of repeat falls and guided appropriate personalized care. As SafelyYou was deployed in the Belmont Village’s communities over two years, the partners found the rate of fall-driven ER visits was down to just 4%, well below the industry average of 17-25%. Those findings are consistent with SafelyYou’s averages – the platform helps reduce falls by 40% and ER visits resulting from falls by 80% – significantly decreasing costs, risks, and stress for both families and senior living communities.
“We learned that by better seeing how we were responding to someone who has fallen, we could revamp and improve our training on a continuous basis,” said Patricia Will, founder and CEO of Belmont Village. “If you can mitigate fall risk, that’s a huge win. After we looked at the results, we said, ‘this is a technology that we’re willing to implement across the company.'”
In addition to fall detection and prevention, SafelyYou’s technology assists caregivers with medication adherence, behavioral monitoring, management of false alarms, memory issues, and occupational therapy issues.
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