CarePredict raises $9.5 million in funding and will launch consumer product at CES

By Nancy Dahlberg

One of South Florida’s most innovative tech companies is launching its consumer product at CES in Las Vegas next week. In recent days, CarePredict also announced it has raised another $9.5 million in venture funding.

Founded and led by tech veteran Satish Movva, CarePredict is a health-tech startup for senior care. Its first-to-market AI-driven technology predicts a wide range of developing health conditions – including the possible onset of depression, a urinary tract infection or an increased fall risk — through continuous observation of daily activities. This involves no self-reporting by the senior adult or in-person observation; the data is collected through wearables powered by machine learning technology.

CarePredict, based in Plantation, has raised $9.5 million in Series A financing led by Secocha Ventures, Las Olas Venture Capital and Startup Health Ventures, the company announced in VentureBeat this week. In total, CarePredict has raised $19.7 million, including seed funding from South Florida funders Las Olas VC in 2017. The new funding will be used for global expansion and its imminent consumer product launch.

To date, CarePredict’s wearable, a bracelet called Tempo, is used in senior living facilities in the U.S. and Canada.  About 10 senior living chains are using the platform, up from four just a year ago. The company expects to launch service in Mexico, Brazil, Japan, China and Germany soon, Movva told VentureBeat.

[Read more about CarePredict’s startup story in my previous coverage here.]

In November, CarePredict announced that senior living company SRI Management is installing the CarePredict’s platform at its assisted living community in Ocala. SRI’s portfolio consists of more than 2,550 beds at 25 facilities.

Movva founded CarePredict  in 2013 after first seeking a solution to help him care for his aging parents. He wanted a system to observe his parents continuously and track daily activities such as eating, drinking, walking, bathing and sleeping. Through the machine learning, he wanted the technology to alert him to behavior and activity changes that might signal developing issues before they manifest into dangerous health conditions. He couldn’t find such a technology so he set out to create a first-to-market solution.

With its cutting edge AI technology, CarePredict is a stand-out company in South Florida’s small but growing community of “senior-tech” startups. Before founding CarePredict, Movva worked in tech for 30 years. He was the founding CIO for Sheridan Healthcare and created its first mobile EMR device on the Palm Pilot. He also created the first web-based home-care platform at Interim Healthcare. 

Now, in a major development for the homegrown company, CarePredict is expected to launch a direct-to-consumer version of Tempo at CES next week.

“Ninety percent of adults aged over 65 want to stay in their home as they age. Family caregivers taking care of their elderly loved ones often live away and are juggling other responsibilities,” said Movva, in announcing the consumer product. “CarePredict Home is the solution for parents and grandparents anywhere in the world who want to age at the comfort of their own home in a safe, smart and sustainable way. At the same time, it empowers family members with the constant visibility and unparalleled insights into the evolving health of their loved ones and allows them to make the right decisions well in advance.”  (updated)

The company also is a winner in the Consumer Technology Association Foundation’s Accessibility Contest at CES. The national foundation’s mission is to link seniors and people with disabilities with technologies to enhance their lives.

“With over 600 million people worldwide over the age of 65 years and a rapidly diminishing caregiving population, technology like ours is efficiently bridging the gap and ensuring that our loved ones get the constant, quality care they need and deserve,” Movva said in a statement.

If you are at CES, which runs January 8-11, visit CarePredict at Booth #52334, Sands G.

[Read a Q&A about Las Olas Venture Capital here.]

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Nancy Dahlberg